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.
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Nifty opened flat on Wednesday and paused the positive momentum after making a series of record highs in the past seven sessions. The index broke the previous day’s low and took a breather to close on a flat to negative note. It formed a Doji candle on the daily scale with a long lower shadow, indicating that every dip is getting bought into. Nifty has to hold above 15,000 level to continue the bullish momentum towards 15,200 and the 15,250 levels, while on the downside major support can be seen at 14,850 and 14,750 levels.
India VIX fell 1.31 per cent from 24.27 to 23.95 levels. Now, VIX needs to cool down and hold below 21 level for the continuation of the ongoing momentum with a higher market base.
Nifty has to hold near the 14,350 level to ensure bullish grip to take it towards 14,600 and then 14,750 levels, while on the downside, major support exists at 14,300 and 14,200 levels.