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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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Synopsis We might see further consolidation after the recent up move. However, the bias would remain on the positive side, said Ajit Mishra, VP - Research at Religare Broking.
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Analysts said Nifty can see a brief consolidation in the 14,700-15,000 range in the coming days before it moves higher.
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NEW DELHI: Nifty made another gap up opening and took out the crucial 15,000-mark before succumbing to a volatile trade due to the weekly and monthly F&O expiry. The headline index still managed to end above its previous closing mark, but formed its first bearish candle on the daily chart in the past six sessions.