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Nifty 50: Tech View: Nifty forms small bearish candle as rangebound trading continues

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Nifty 50: Tech View: Nifty forms small bearish candle as rangebound trading continues

NEW DELHI: Nifty50 on Thursday formed a small bearish candle on the daily chart and negated its higher high-low formations. That said, it stayed rangebound in an otherwise weak day for global equities. Analysts expects the index to keep trading in the broad range of 15,900-16,400 going ahead.

Osho Krishan of

sees 16,400 to act as an intermediate resistance zone, followed by the wall of the unfilled gap of 16,480-16,650 odd zone.

“The 16,000 mark is expected to act as the sheet anchor, while any breach below could again dampen the market sentiment. The momentum is likely only when the index comes out from the ongoing slender range bound movement,” he said.

“Traders will now need to watch if the Nifty50 can hold above the immediate support of 16,078. Else, we could see a further correction,” Subash Gangadharan of Securities said.

For the day, the index traded at 16,125.15, down 89.55 points or 0.55 per cent.

Considering two exceptionally strong days in the last six sessions, Nifty50 can remain inside a trading range of 16,400 and 15,900 for some time, said Mazhar Mohammad of Chartviewindia.in.

“For time being, it looks prudent for the market participants to remain neutral on Nifty50 bets till a decisive move arises in either of the directions,” Mohammad said.

Shrikant Chouhan of Kotak Securities believes that the index may have a negative bias as long as the index is trading below 16250. “Below the same, it could retest the level of 16,000-15,050. On the flip side, post 16,250 breakout, the index could move up to 16,325-16,375,” he said. Nifty Bank Chandan

of Securities said the index remained under pressure and was relatively resilient in comparison to the broader market.

It formed a Doji candle on daily scale and closed with gains of around 40 points, Taparia said, who believe the index needs to hold above 34,000 to build strength towards 34,500 and 34,750. The Motlal Oswal analysts finds downside supports are at 33,750 and 33,666 levels . (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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