Global Markets

Dow Jones dropped 180 points in US markets.

Futures for the Dow: +24 points

Asia-Pacific markets:

(Adjusted) GIFT Nifty: -75 points

Data Analysis

Technical Outlook

Nifty (Spot)

• The 20-DMA, which is located around the 19650 level, serves as resistance while the Nifty index attempts to establish a base at the 50-DMA, which is located around 19300.
• On the downside, the 50-DMA serves as immediate support; if it is broken, the price may go as low as 19191 and 18888 levels.

Bank Nifty (Spot)

• From its recent lows near the 100-day moving average (100-DMA) near 43600, the Bank Nifty has remarkably recovered.
• The index has to break above the 50-day moving average (50-DMA) around 44700 in order to restore positive momentum.
• On the other hand, if the index declines below 43600, it might open the door for testing support at levels of 43500 and 43300.