Sensex down 700 pts, Nifty around 17,350; RIL in focus as Mukesh Ambani addresses 45th AGM

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August 29, 2022 / 01:31 PM IST

Chandan Taparia, Vice President, Equity Derivatives Technical, Broking & Distribution, Motilal Oswal Financial Services:

Nifty opened gap down on account of weak global cues but took support near 17150 zones and has been moving in a consolidative manner. It is moving with less momentum but support based buying can be seen. 

India VIX spiked above 21 zones which is giving some discomfort to the bulls. Now till the index holds 17300 and holds momentum, it can move to 17442 and 17550 zones whereas on the lower side the supports can be placed at 17250 and 17150. Market breadth is favouring the declining counters which indicates some sort of pause at higher zones.

Nifty and Bank Nifty is expected to trade in a narrow range. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in Titan, HAL, BEL and BHEL.

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