If the index sustains above 16,478 level, sideways consolidation with a positive bias should continue, said Mazhar Mohammad of Chartviewindia.in.
“In that scenario, the strength may eventually extend up to 16,900 level. Contrary to this, if the index slips below 16,478 level, the initial target on downsides can be 16,356 levels, but below that weakness shall extend towards 16,200 level,” Mohammad said.
The index closed the day at 16,605.95, down 187.95 points or 1.12 per cent.
“The short-term texture of the market is weak and a fresh rally is possible only after the index breaches 16,680. Above the same, the index could rally up to 16,750-16,800 levels. However, as long as the index is trading below 16,650, the chances of hitting 16,550 and 16,500 are bright,” said Shrikant Chouhan at Kotak Securities.
Rupak De, Senior Technical Analyst at LKP Securities said 16,450 level is likely to act as support for the index, whereas on the higher end resistance is visible at 16,700.
“Nifty50 is showing a bullish AB=CD harmonic pattern on the weekly and a bullish butterfly on the daily time frame. The support at the 16400 area holds, and we are waiting for Nifty to play out its hand. Any small hint of cessation of hostilities between Russia and Ukraine could mean sharp rebound,” said Independent Analyst Manish Shah.
