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Technical View: Nifty50 selling at high levels makes analysts cautious
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Last Updated: Jan 22, 2021, 06:40 PM IST
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Synopsis
Analysts said the market action of the last two sessions has replicated the pattern of Nifty50 weakness seen on January 15 and January 18.
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Analysts are cautious, even as they believe a small pullback cannot be ruled out.
NEW DELHI: Nifty50 on Friday plunged over 200 points and closed below its immediate support of 14,500 level. The index formed a long bearish candle on the daily chart and an indecisive candle on the weekly scale, suggesting selling pressure at higher levels.
Analysts said the market action of the last two sessions has replicated the pattern of Nifty50 weakness seen on January 15 and January 18. They are cautious, even as they believe a small pullback cannot be ruled out. ....

Nagaraj Shetti , Mazhar Mohammad , Aditya Agarwala , Senior Technical Analyst , Chief Strategist , Expanded Flat , Elliot Wave , நாகராஜ் ஷெட்டி , மழற் முகமது , மூத்தவர் தொழில்நுட்ப ஆய்வாளர் , தலைமை மூலோபாயவாதி , விரிவாக்கப்பட்டது தட்டையானது ,