Page 3 - Nifty Analysis News Today

NEW DELHI: After profit booking went unabated for the fourth consecutive session on Friday, domestic headline equity index Nifty breached the crucial support level of 15,000 and formed a bearish candle for the day. On the weekly scale, the 50-pack index formed a Bearish engulfing pattern as it retraced below the 15,000 mark after 10 sessions. Chandan Taparia of Motilal Oswal Securities said as long as the index remains below 15,150 level, it would continue to see weakness and head towards its n...

NEW DELHI: Nifty50 fell for the third straight day on Thursday, but managed to hold above its immediate support at 15,100-15,080. The 50-pack formed a bearish candle on the daily chart and continued to form lower highs and lows. Analysts ruled out any major correction in Nifty as long as it holds above 15,000 level. “Although Nifty looked a bit tentative, it is nowhere close to seeing a trend reversal soon. The recent selloff needs to be construed as minor profit taking. In the coming session...

Analysts said Nifty has so far respected its support at 15,240 level, but expect some consolidation in the index in the coming sessions.

Tech View: Nifty forms indecisive Doji; wait for a breakout now SECTIONS Share Synopsis For the week, the bias remains positive. Above the 15,250-15,300 range, the index may head towards the 15,500-15,800 range, Palviya said, adding that the 15,000 mark will be a crucial support to watch for on the downside. Getty Images India VIX, the barometer of volatility, dropped 3.93 per cent and fell to 22.13, signalling a waning of nervousness among the traders. Related NEW DELHI: NIfty50 on Friday form...

“A close observation reveals Nifty50 is making a Round Top kind of bearish formation with similar closing around the 15,110 level in the last three sessions, which is a cause of concern,” said Mazhar Mohammad of Chartviewindia.in.

Ruchit Jain of Angel Broking said any breach of that level could trigger more corrections up to the 14,870-14,900 range.

During the week gone by, the market behaved in stark contrast to the behaviour seen in the previous week, as Nifty again scaled new highs and closed with robust gains. The previous week had seen the headline index decline tank 737 points. Over the past five days, the market gave a thumb-up to the Union Budget. All through these five session, Nifty witnessed a parabolic and vertical rise. The index tested the psychologically important 15,000 mark on Friday, as it hit a new intraday high of 15,01...

Aditya Agarwala of YES Securities said the “Three Black Crows” is a bearish candlestick pattern, and noted that the index has shut shop below the 20-DMA support line at 14,300, which was acting as the stop loss line since November 2, 2020.

Aditya Agarwala of YES Securities said a sustained trade above the 14,560 mark would extend the gains to 14,650 and 14,800 levels.

A few analysts said Fridays fall could just be a single-day affair, but for that to be true the index needs to close above the 14,500 level on Monday, they said.