“The near term uptrend of the Nifty50 remains intact and the present consolidation or minor weakness could be considered as a ‘buy on dips’ opportunity for the short term. The market could see minor weakness for another one or two sessions before showing a sharp upside bounce from the low. The near term upside target remains intact at 16,800 levels,” said Nagaraj Shetti at
Securities.
For the day, the index closed at 16,522.75, down 61.80 points or 0.37 per cent.
During the session, the index witnessed buying interest as it entered into the bearish gap zone of 16,506 and 16,370, before recovering some ground from day’s low of 16,438.
“Taking that into account, Nifty50 can be expected to trade positive in the next session. In that scenario, the index can initially head to test its 200-day EMA, placed around 16,740 levels. On the downside, 16,400 may remain critical support and the bears would not gain upper hand, unless they push the index below this level on a closing basis,” said Mazhar Mohammad of Chartviewindia.in.
For Rupak De, Senior of
, 50-EMA has been acting as a crucial resistance.
“The trend remains sideward for the near term. A support is visible at 16,400, whereas resistance is likely to remain intact at 16,700,” he said.
Nifty Bank
Chandan
of Securities said the Nifty Bank index saw a stellar recovery in the last hour of the session, which helped it close above its 50-EMA on a daily basis.
“It made a Bullish candle on a daily scale with smart recovery of the entire day’s fall. Now it has to hold above 35,500 zones for an up move towards 36,000 and 36,100 zones, while on the downside support exists at 35,250 and 35,000 zones,” it said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
