If the weakness persists below 16,200, the index can slide towards 15,900 and eventually the 15,500 cannot be ruled out, said Mazhar Mohammad, Chief Strategist – Technical Research at Chartviewindia.in.
“However, with today’s selloff, the market reached oversold levels. Therefore, if Nifty50 opens negatively on Friday and slides into the zone of 16,000-15,900 levels chances of a pullback attempt remain higher,” Mohammad said.
For the day, Nifty50 closed at 16,247.95, down 815.30 points or 4.78 per cent. This is even as the index has fallen in the last seven straight sessions. Till the index stays below 16,400, weakness could continue towards 16,000 and 15,800 levels, said Chanda Tataria of Motilal Oswal Securities.
“Technically, after a long time, benchmark Nifty50 closed below the 200-day SMA and has also formed a long bearish candle on daily charts, which suggests further weakness from the current levels. Considering the uncertainties, the index may trade in 16,800-16,000. The market is in corrective mode and it would complete its corrective phase in 16,200-16,000 region. For traders, 16,400 and 16,500 could act as intraday resistance while 16,100-16,000 could be the immediate support zone,” said Shrikant Chouhan of Kotak Securities.
