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Rohit Singre, Senior Technical Analyst at LKP Securities said, "Nifty has formed immediate support near 14,640-14,580 zone and good resistance is coming near 14,810 zone. Any break above said levels can push index towards 15,000-mark again."
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NEW DELHI: Nifty s consolidation run continued to the third consecutive day as the headline index formed a bearish candle on the daily chart. The 50-pack bluechips underperformed the broader market as the rally continued in the midcap and smallcap space.
Ajit Mishra, VP - Research, Religare Broking said, In absence of any major trigger, we may see further consolidation in markets. Meanwhile, the focus should be on position management. Nifty has the next major support around the 14,850-14,950 zone. Nifty made a move towards the mentioned resistance zone of 15,245-15,315. Since the move was lacking strength, the selling started after testing the lower range of 15,245, which eventually resulted in a decent intraday profit booking. Now, although the market looks a bit tentative, it is nowhere close to the trend reversal or sell off. Rather, it needs to be construed as a minor profit booking only, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
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Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking said, One should prefer to trade with the trend now until any negative signs are seen and look for opportunities that could continue to outperform. The near-term trading range could be wide given the recent volatility, wherein the supports are now placed around 14,140 and 14,000, whereas resistance could be seen around 14,500.”
Higher government spending in infrastructure and increased FDI limit in insurance improved the overall outlook of these sectors,” said Vinod Nair, Head of Research at Geojit Financial Services.
NEW DELHI: Nifty made a strong rebound on Monday in line with strong global cues and a no-harm budget. The 50-pack index formed a long bullish candle and recovered half the losses it sustained in the past six sessions.