Range Bound consolidation going on in the market. Range bound consolidation is going on in the market. As you can see in the chart there is consolidation going on before a substantial up or down move happens. Mostly it looks like Tariff negation deadline will be extended or India might end up getting the tariff deal sealed. all eyes on Trump and TCS results tomorrow. TCS has been reeling close to an year now after making a high of 4592 everything depends on the result tomorrow. The result can give direction to the market as TCS has good weightage (Around 6.09% in Nifty and 7.43% in BSE Sensex). TCS has 21.93% Weightage in Nifty IT index so the result tomorrow is a must watch. It can give direction to the It index as well.
Supports for Nifty remain at 25413 and 25243. If by chance this level is broken Nifty can fall further towards Mother line which is at 24862 or in worst case scenario towards Father line of daily chart at 24030.
Resistances for Nifty remain at: 25531 and 25710 Closing above which Nifty becomes very strong. After we get a closing above 25710 Nifty can swiftly move towards 25888 or even 26K+ levels.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
