Stay updated with breaking news from Tech View. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Nifty on Tuesday ended 385 points higher to form a long bull candle on the daily chart, indicating chances of an upside breakout of the hurdle at 21750 in the short term.
Nifty on Wednesday ended 460 points lower to form a red candle on the daily charts with a decisive break below the 20-day moving average of 21,629. Both price and momentum indicators are pointing toward weakness.
Nifty on Friday ended 247 points higher to decisively break out of the 21,500-21,850 range on the upside.
“We are of the view that, 20-day SMA or 21,500/71,250 could act as a sacrosanct support level for the traders. Above the same, the pullback formation is likely to continue. Above which chances of hitting 21,720-21,760/71,900-72,100 would turn bright. However, below 20 day SMA or 21,500/71,250 the selling pressure is likely to accelerate. Below which, the market could slip till 21,400-21,355/71,000-70,800,” said Shrikant Chouhan of Kotak Securities.
Nifty on Wednesday ended 148 points lower to form a long negative candle on the daily chart placed at the edge of breaking below the immediate support of 10-day EMA.