“Nifty50 couldn’t stretch beyond its key hourly moving averages,” stated Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan.
“The index nosedived towards the hourly lower Bollinger Band. The Fibonacci Retracement showed the index tested the 61.8 per cent retracement of the rise from 14,151 to 15,044 level for the second consecutive session. The selling pressure got absorbed near the key Fibonacci level at 14,492. There is scope for recovery as long as the index holds the swing low of 14,416. On the other hand, if the low of 14,416 breaks, then Nifty can get into a prolonged consolidation phase,” Ratnaparkhi stated.
Mazhar Mohammad of Chartviewindia.in stated it is vital for Nifty to maintain above 14,416 level to retain a constructive bias, and a breach of this level can emboldened the bears to create a contemporary assault and take the index in the direction of the latest corrective swing low of 14150 level.
“It is fascinating to observe that the bulls are one way or the other managing to defend the 100-day easy transferring common, no less than on a closing foundation on this corrective/consolidation part, whose worth is positioned round
14,486 level. Hence, a detailed under the stated common might be an early indication of a pointy drop in Nifty,” he stated.
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Chandan Taparia of Motilal Oswal Securities stated the index wants to maintain above 14,500 level to witness an upward transfer in the direction of 14,700 and 14800 ranges. “Downside supports exist at 14,400 and 14,250 levels,” he stated.