Nifty, Bank Nifty face pressure; Rajesh Palviya warns IT may weaken further
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Rajesh Palviya, Axis Securities, shared his outlook on the markets and trading strategies amid heightened volatility. He noted that uncertainty stemming from global cues, particularly comments from US President Trump, has kept investors cautious despite several reform-driven announcements from the Indian government. According to him, the Nifty has breached crucial support zones, specifically the 61% retracement level of the recent rally near 24,800. This breakdown has pushed the index below both its 20-day and 50-day moving averages. Even though the put-call ratio stands at an oversold level of 0.63, the index has shown no sign of recovery. Adding to the pressure, India VIX climbed to 11.5, reflecting heightened volatility. Sectoral indices that were earlier in an uptrend have also witnessed profit booking. “Most of the sector indices which were in uptrend have attracted profit booking because of this uncertainty. So, every week if these ...