Markets Action For The Day

Markets Action For The Day

The Indian stock market is expected to open flat as US markets ended lower while on the other hand, Asian markets are trading mixed. Trends on SGX Nifty indicate a flat opening for the index in India with a 3 points loss.

The Sensex fell 323 points to close at 38,979.85 on September 17 while the Nifty dropped 88.40 points to 11,516.10. According to pivot charts, the key support levels for the Nifty is placed at 11,480.67, followed by 11,445.23. If the index moves up, the key resistance levels to watch out for are 11,569.37 and 11,622.63.

Nifty has not shown any follow-through selling indicates there could be short-covering
There is support held by BankNifty and at 20 DMA, hence no direction as of now. The index will see short covering only if HDFC Bank performs better

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