By Sabari Saran
NEW DELHI: Asian markets extended losses on Thursday, perpetuating the weak sentiment from the US tech rout. But mild gains in US stock at the opening tick later in the day held out promise for Friday’s session on Dalal Street, which was shut on Thursday for a public holiday.
Nifty slipped 1 per cent on Wednesday, and in the process, formed a Bearish Belt Hold pattern on the daily chart. Analysts said the 50-pack is facing a stiff hurdle on the higher side, especially in the 14,900-15,000 zone.
“Only a close above the 15,000 mark can activate the overall bullish stream. Otherwise, we may again see selling pressure at higher levels. Support can be seen near the 14,775-14,700 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
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NEW DELHI: Nifty saw a gap down opening on Tuesday, but soon recovered in the intraday session to form a bullish candle on the daily chart. The headline index snapped its four-day winning streak as it traded lower than the previous session s trading range.
Market reacted to the global fear of a rise in inflation, which many fear could trigger a Fed rate hike earlier than anticipated, said Ajit Mishra, VP - Research at Religare Broking. Nifty has been struggling to cross the 15,000-mark for the last two months and is witnessing a slide again after almost reaching that level. However, we feel the downside could be capped this time due to the existence of a support around 14,600 zone, he added.
BSE, Happiest Minds, KSB, Lupin, Marico, UTI AMC, Wipro, NALCO, Hindustan Copper and NMDC witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Friday, signalling bullish sentiment.
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