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Shares fell on Tuesday, dragged by high-weightage financials and information technology stocks and as consolidation continued in the holiday-truncated last week of the financial year.
On the technical charts, Nifty formed a huge bearish engulfing candlestick. It broke the crucial support of 21,300 with a head and shoulder pattern. Now the next support lies at 21,000 coinciding with the 50-day moving average (DMA), says Sheersham Gupta, director and senior technical analyst at Rupeezy
BSE is seen to be breaking out of a pattern formation and making a bullish candlestick on the daily timeframe, which indicates strength.
Torrent Pharmaceuticals Ltd has begun trading in a consolidation range, following an impressive run. Near the threshold mark it paused. The bulls were able to break above the upper band in previous trading, and we've seen a breakout of a flag pattern.
"Nifty remained volatile within a narrow range as traders remained uncertain ahead of the Fed Chair's scheduled speech tomorrow (Wednesday). On the daily chart, Nifty encountered resistance at the 21EMA and closed just below it. If it manages to surpass the 21EMA, which is currently around 19,414, it could potentially head towards the 19,650-19,700 range. On the downside, support is situated at 19,300," said Rupak De, LKP Securities.