Nifty Technical View: Tech View: Nifty Driving Seat, Back to Support

NEW DELHI: Nifty50 saw a gap-down start on Thursday and sales intensified as the session progressed. It forms a small bearish candle on the daily chart. Analysts said strong support for the index was seen in the 15,750-15,650 range.

Samit Chavan of Angel One said Thursday’s trade was definitely holding back dynamic traders, with many traders holding them for long after Tuesday’s sharp return.

“The day’s gap-down opening was completely out of the curriculum for most market participants, including us. In fact, all the pre-market strategies were tossed around as the Nifty 50 opened firmly below the psychological support of 16,000. Very close, “said Chavan, who is hopeful of maintaining support

For the day, the index lost 430.90 points, or 2.65 percent, to close at 15,809.40.

“If the Nifty50 slips below the 15,670 level in the next session, the slide may initially move to the 15,400 level but the new downside target will be at 15,041. Will be, ”said Mazhar Mohammad of

Independent analyst Manish Shah says the index has found support at 15,750 several times in the last 4-5 days, making the pattern under a tweak.

“Nifty50 is likely to trade below 15,750 before seeing a meaningful rally,” Shah said.

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The index is said to have made a bearish candle on the daily scale and has declined to the highs of the last two sessions.

“Now, as long as it is below 33,666, the weakness could be seen at the 33,000 and 32,500 levels, where resistance for the index exists at the 33,666 and 34,000 levels,” Taparia said.

(Disclaimer: The recommendations, suggestions, opinions and opinions offered by the experts are their own. These do not represent the views of the Economic Times)

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