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Rohit Singre, Senior Technical Analyst at LKP Securities said, "Nifty has formed immediate support near 14,640-14,580 zone and good resistance is coming near 14,810 zone. Any break above said levels can push index towards 15,000-mark again."
Much of the post-Budget rally has been due to FII piling on stocks after the government unveiled its capex plans.
The index witnessed profit booking in the last hour of the trade on Tuesday, February 9, 2021. Nifty ended with a minor loss to close at 15,109. Nifty, Bank Nifty and Financial Nifty indices have been forming candle with the small body for the last three consecutive sessions, which indicates that bullish momentum is getting lost. Post Budget, markets have registered a sharp rally and still, there is no sign of reversal seen as of yet. Nearest support for the Nifty is seen at 5 days EMA which is placed at 14,929, and unless that is breached on a closing basis, the trend should be considered ...