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Nifty and Bank Nifty continued to face selling pressure at higher levels with every bounce being sold into by the bears. Nifty formed a bearish candlestick backed by an uptick in volumes and closed below the physiological level of 11,000 with the support for the index gradually shifting lower towards the 10,850-10,800-mark, which coincides with its 200-day EMA. Meanwhile, resistance on the upside is seen at 11,170-levels.
Bank Nifty too cracked and hit a low of 24,678 before staging a mild pullback and managing to close above the 25,000-mark. The swing low 24,678 would now be a crucial support, a close below which could see the index heading towards the 24,000-mark.
Both Nifty and Bank Nifty have formed a bearish engulfing candlestick pattern on the monthly chart, indicating weakness in the market.
Market volatility is set to continue as we head into the September quarter earnings in the coming days ahead of the Reserve Bank of India's policy meeting next week.
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