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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.
Sensex, Nifty recoup initial losses to close flat; consumer durables, banking stocks top losers
Sensex, which crashed 750 points in early trade, ended 63 points lower at 48,718. Nifty, which lost 215 points intra day, managed to close 3 points higher at 14,634
BusinessToday.In | May 3, 2021 | Updated 17:56 IST
Titan, IndusInd Bank, RIL and Axis Bank were the top Sensex losers, shedding up to 4.58%. On the other hand, Bharti Airtel, HUL, Maruti, Bajaj Finance, Asian Paints and NTPC were the top gainers rising up to 4%.
Benchmark indices staged a smart recovery from the day s lows despite a negative trend in global equities. Sensex, which crashed 750 points in early trade, ended 63 points lower at 48,718. Nifty, which lost 215 points intra day, managed to close 3 points higher at 14,634.
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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
Jubilant Ingrevia, Capri Global Capital, SAIL, Supreme Petrochem and Deepak Nitrite witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Friday, signalling bullish sentiment.
Tech View: Nifty loses support at 50-day SMA, some recovery likely
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Mazhar Mohammad of Chartviewindia.in said Friday s fall erased gains of the past two sessions. He said a close below the bullish gap area, registered on April 28, should ideally offer some buying support.
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NEW DELHI: Nifty50 snapped a four-day winning streak on Friday and lost the crucial support of its 50-day simple moving average, forming a bearish candle on the daily chart for the second day in a row.
On the weekly scale, the index formed a bullish candle with a long upper wick, reflecting selling during the latter part of the week. Analysts said Nifty may trade in the 14,500-14,900 range in the coming days.