NEW DELHI: Nifty50 took out its immediate resistance at 15,100 level on Wednesday, but formed a small bearish candle with a long lower wick, suggesting intraday selling got bought into. Analysts said the index seems to have won a mini-battle, but is still indecisive and needs to take out the 15,220 level for the positive momentum to sustain.
Aditya Agarwala, Senior Technical Analyst, YES Securities, said the bulls seem to have won the mini-battle of taking Nifty50 beyond the intermediate hurdle in the 15,100-15,150 zone. But the index continues to face crucial resistance at the downtrend line placed between 15,200 and 15,220, he said.