Market News: Why Nifty and BankNifty Down Since Market Open

Nifty and Bank Nifty are trading negatively since morning. Nifty opened at 18121.30 and made a high of 18127.60 and made a long bearish candle in 5 minutes time frame and since then it has not taken significant support so far.

If we analyze the nifty 50 spot chart on the day time frame, then it is taking resistance from the 20 SMA and seems like yesterday’s resistance is very hard to brake for it. Nifty once broke the psychological level of 18000 and its worth seeing whether it would bounce back or further there will be selling.

On the other hand, Bank Nifty opened at and made a high of 42674.25. It seems like both indices are trading negatively. The nifty bank is taking resistance from 10 EMA on a daily time frame.

Nifty Metal seems to be on the positive side. it opened at 6820.55 and made a high of 6855.95 so far.

Nifty Auto is the other sector that is trading in the green zone and currently trading at 12888.

What do you think readers, whether markets will bounce back today?

Kindly take the trade or invest after consulting with your financial advisor. We are posting the market predictions on a basis for educational purposes only. I am not SEBI register. Kindly plan your trade as per your financial advisor.

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