“Nifty is likely to remain choppy as long as it remains beneath the peak of the large bearish candle formed on 16th June. However, considering the overall improvement in the internal breadth of Nifty, along with all the sectoral indices settling in green, stocks specific rally is expected,” said Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.
“The Bank Nifty index witnessed some strong buying from the lower levels and remained in a buy mode as long as it holds the support of 32,500 on the downside,” said Kunal Shah-Senior Technical & Derivative Analyst at LKP Securities. The immediate upside resistance stands at the 33,800-34,000 zone, where fresh call writing has been observed. The index is trading in oversold territory and a bounce can be ruled out if the mentioned support level is held, Shah added.