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NEW DELHI: Nifty on Tuesday managed to stage a rebound forming a bullish harami pattern signalling that the 50-pack index is likely to be back on its upward journey after yesterday s pause.
Aditya Agarwala, Senior Technical Analyst, YES Securities, said, “A sustained trade above 61.8% Fibonacci retracement level of the entire fall, i.e., 13,535 can trigger more short covering rallies taking the index back to levels of 13,580-13,650. However, failure to breakout of the 61.8% Fibonacci resistance may resume the corrective phase, dragging the Nifty lower to levels of 13,400-13,320.
“Market took an unexpected positive momentum in the afternoon, during a see-saw trading day, following the positive opening of the European market, which recovered from yesterday’s sell-off. Volatility is expected to stay high in the near term due to strict lockdown impacting economic recovery. However, the market is expected to remain bullish in the medium to long term, backed by overa
Mumbai: After wild swings, Nifty50 formed a Bullish Harami kind of pattern on the daily chart on Tuesday, indicating the likely continuation of bullish sentiment. But analysts said it is too early to confirm the trend.
Shrikant Chouhan, Executive Vice President of Equity Technical Research at Kotak Securities, said for the positive momentum to continue, Nifty50 needs to sustain above 13,550 level.
“Meanwhile if the market breaks the 13,100 level, we may see another decline to 12,900-12,800 levels. On Wednesday, Nifty could be hit hard at 13,550 and 13,650 levels,” he said.
Aditya Agarwala, Senior Technical Analyst at Yes Securities, said a sustained trade above the 61.8 per cent Fibonacci retracement level of the entire fall, i.e. 13,535, can trigger more short-covering rallies and take the index back to 13,580-13,650 levels.
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Worst fall for Sensex, Nifty since May 4: Here s what investors should expect next
Sensex closed 1,406.73 points or 3 per cent lower at 45,553. This was its biggest single-day fall since May 4 this year
Aseem Thapliyal | December 21, 2020 | Updated 18:29 IST
Investors lost Rs 6.59 lakh crore in wealth as market cap of BSE-listed firms fell to Rs 178.79 lakh crore
Sensex snapped its six-session record-setting streak on Monday as a new strain of the coronavirus in the UK hit global markets quashing hopes of economic recovery expected next year.
Sensex closed 1,406.73 points or 3 per cent lower at 45,553. This was its biggest single-day fall since May 4 this year. Nifty tanked 432.15 points or 3.14 per cent to end at 13,328.40. Investors lost Rs 6.59 lakh crore in wealth as market cap of BSE-listed firms fell to Rs 178.79 lakh crore.
Mumbai: Nifty may be on the cusp of a reversal of the long-running bullish trend, as it snapped a six-session winning streak and tumbled more than 400 points on Monday, signalling strong bear pressure. Analysts, however, said they would wait for more evidence to confirm the same.
For the day, the index formed a big red candlestick on the daily chart, as it erased the gains of last 11 session.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said ever since Nifty formed a higher bottom at 12,790 on November 26, it has never formed any decisive candlestick pattern on a daily basis, and continued to show indecisiveness.