Nifty Analysis: Tech View: Nifty defends 14,200-support, but

Nifty Analysis: Tech View: Nifty defends 14,200-support, but analysts see more weakness ahead


NEW DELHI: Nifty's promising gap-up on Tuesday proved to be day's high, as the index ended the session forming a bearish candle on the daily chart that resembled Bearish Belt Hold.
During the day, the Nifty bulls struggled at 14,500 level, even as they defended the crucial support of 14,200 well.
The face saving-act, however, did not impress analysts, who believe the index could soon breach the 14,200 level and trigger more weakness.
Sameet Chavan of Angel Broking said that the market is struggling at higher levels and Tuesday's session was a good example.
"Tuesday's high coincided around the resistance zone of 14,500-14,550. The way the index dropped towards 14,200 in the latter half suggests that things do not bode well for the bulls. Although we did manage to hold the key support level, the possibility of sliding below it has increased now. Below 14,200, Nifty may test 14,000-13,700 levels," Chavan said.

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