Analysts said Nifty may witness further bounce if it manages to hold above this level. Can the index manage to take out the 15,300 level this week? Or will we see some more consolidation?
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NEW DELHI: Nifty had a gap up opening on Tuesday, but it failed to sustain the gains and saw a sharp selloff, ending in the red. The headline index formed a long bearish candle on the daily chart.
Manish Hathiramani, technical analyst at Deen Dayal Investments said, On the upside, there is a stiff resistance at 14,700 level and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach.
Ajit Mishra, VP - Research at Religare Broking said, We believe volatility is likely to remain high for the markets in absence of any major positive trigger. Going forward, the updates on Covid-19 cases, vaccination and earnings announcements, especially from Nifty majors, would be key monitorables. We reiterate our cautious stance and suggest preferring hedged positions.
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NEW DELHI: Nifty saw a gap down opening on Monday, but made a smart recovery to end slightly above the previous closing, forming a bullish candle on the daily chart.
Rohit Singre, Senior Technical Analyst at LKP Securities said, The overall structure will remain cautious for Nifty50 till it trades below 14,800 zone. On the higher side, the index has a stiff hurdle at 14,720-14,800 levels. Profit booking is suggested around the said levels. Fresh breakout will be only above 14,800 level and good supports are placed in the 14,550-14,500 zone.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research said, The expected levels of the Nifty50 are likely to be in the range of 14,500 and 14,800, and it’s going to be crucial for the short-term market scenario to sustain above the 14,500 level. Therefore, the short-term traders should use the rally to exit while keeping a buy on dip approach. The momentum indicators like RSI, MACD show indecisiveness supportin
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