Trade Setup for October 5: Top 15 things to know before the opening bell
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- ✓The Nifty 50 fell 0.88 percent to end at a fresh six-month low on October 1, extending its losing streak for the fourth consecutive session.
- ✓While the index showed a recovery from the day's low, experts said it may face resistance at 22,600 if a short-term bounce-back happens soon.
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- Category
- MARKET
- Reported By
- Moneycontrol
- Reading Speed
- 6 Minute(s)
- Market Focus
- India Economy
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The Nifty 50 remained under pressure despite recovering more than 200 points from the day's low, falling 0.88 percent to end at a fresh six-month low on October 1 and extending its losing streak for the fourth consecutive session. Following an extremely oversold reading on the RSI, the index may witness a short-term bounce-back. However, it is unlikely to sustain such gains amid a weak broader market structure, elevated US bond yields and oil prices, and a high India VIX. According to experts, the Nifty 50 may face resistance at 22,600 in case of a further recovery, followed by 22,800, which is likely to act as a crucial hurdle. On the downside, 22,200 is expected to provide immediate support. A decisive break below this level could drag the index towards 22,000.
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