1 The Nifty is currently facing a crucial resistance level at 22,650. It remains weak below this level, with the potential for a downside movement towards 22,000-21,950. To establish an uptrend, the Nifty needs to break above 22,850, which could lead to a target of 23,100.
2 The Nifty Bank is currently stuck in a range between 47,700 and 49,000. A breakout from this range will determine the next direction of the market. If the index falls below 47,700, we may see a drop towards 46,600. On the other hand, a rise above 49,000 could push the index towards 50,200.
3 The Sensex is finding key support at 72,600. Holding above this level could keep it trading within a range of 72,600-75,100. A break below 71,800 may lead to further downside towards 71,000, while a breakout above 75,100 could pave the way for a move towards 76,500.
4 Foreign Portfolio Investors (FPIs) are continuing to sell, which is dampening sentiment in the market. Although the outflows have slowed down, sustained buying from FPIs is necessary to support a recovery in the market.
5 The Dow Jones has confirmed a bearish double-top pattern, with resistance at 42,000-42,100. This indicates a potential downside target of 40,000, and possibly even 39,000-38,500, signaling further weakness in global markets.
6 In terms of rupee technicals, the currency needs to break the resistance at 86.75 in order to move up to 86.50-86.35.
7 The rally in gold prices continues, with MCX Gold futures breaking resistance at ₹86,500 and setting their sights on ₹90,000. Support levels are seen at ₹86,500 and ₹84,200.
8 Silver prices remain strong above ₹1,00,000, with a bullish trend intact. Resistance is seen at ₹1,04,000, and key support lies at ₹98,000.
9 Crude oil prices are currently consolidating, with Brent crude trading between $69-$70.70. MCX futures are range-bound with a bearish bias below ₹6,100.
