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NEW DELHI: Nifty saw a choppy trade in intraday session on Wednesday as the headline index closed lower for the fifth consecutive session. The 50-pack index formed a long bearish candle on the daily chart.
Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking said, Nifty has ended around 14,700, which is a crucial point now and a breach of this could then lead to a continuation of price-wise correction towards 14,500. On the flipside, 14,850-14,900 becomes the immediate hurdle now.
“The Indian market remained in negative territory as investors traded cautiously ahead of the US Fed meeting coupled with a resurgence in Covid cases. Adding to that, the rise in international crude prices is also dragging the Indian market. On a consensus basis, an accommodative policy is expected by the Fed, which will help the global market to stabilize, said Vinod Nair, Head of Research at Geojit Financial Services.