Nifty Outlook Last week, the markets once again surprised everyone with a huge downside gap on Monday. It seemed as if we were completely decoupled with global peers as the weak opening had nothing to do with global cues. Since we are battling with the mounting concerns over Covid-19 cases in our country, the markets are having a knee-jerk reaction to this development. In the initial trades, the selling augmented to challenge the 14,200-mark. Fortunately, the market saw some buying interest at lower levels as we did not spend much time below this key support. A similar sort of resilience was witnessed throughout the remaining part of the week as investors tried to trim some portion of losses.
Tech View: Nifty50 resistance seen at 14,560; analysts say buy on dips
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For the day, Nifty closed at 14,483 level, up 142 points or 0.99 per cent. Mazhar Mohammad of Chartviewindia.in says the 14, 560 level would be crucial for Nifty.
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Independent analyst Manish Shah said Thursday s bullish Piercing Line on Nifty is giving way to bullish sentiment, but the index still needs an additional confirmation of the change in trend, which was absent in the last available data point.
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NEW DELHI: Nifty50 on Monday breached the psychologically important 14,500 mark, but failed to hold above it on a closing basis. The index formed an indecisive candle on the daily chart, with a long upper wick, suggesting selling at higher levels.
Read more about Nifty outlook and stock picks by Sameet Chavan: Buy Balrampur Chini, Pfizer on Business Standard. The deciding factor in days to come has to be the financial space