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NEW DELHI: Nifty traded with cuts on Monday as the headline index closed below the crucial 15,000 levels and formed a bearish Hammer-like pattern with a long lower shadow.
Rohit Singre, Senior Technical Analyst at LKP Securities said, Going forward, 14,750 will act as an immediate and strong support. If it manages to hold that, then some more pullback is possible towards immediate hurdle zone of 15,000-mark followed by 15,100 zone. As of now, there are no signs to the end of this corrective phase. Hence, we could continue to see such volatility in the near term. Traders are advised to avoid getting carried away and rather look for stock-specific opportunities on both sides. As far as levels are concerned, the immediate support for the Nifty is placed around 14,700, while resistance is seen around 15,050,” said Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking.
NEW DELHI: Nifty made a gap opening on Wednesday but succumbed to profit booking and formed a small indecisive bearish candle with a long lower shadow. The headline index managed to settle a tad higher than its previous close.
After narrow trading for the last five sessions with indecisive candle formations, the index appears to be carving out a new trading range in the 15,270-14,900 zone, said Mazhar Mohammad of Chartviewindia.in.
Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets mirrored positive cues from its global peers, tracking gains from the US market as bond yields pulled back easing concerns about rising inflation.
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.
Benchmark indices ended higher in Tuesday s volatile session as bond yields in US and Europe retreated sharply. Sensex closed 584 points higher at 51,025 and Nifty rose 142 points to 15,098.40. Private banks, IT and consumer goods stocks led the gains i