Independent analyst Manish Shah said the last three days are almost equal to 15,750 and the game pattern is a pinch down. This suggests that the Nifty 50 is not ready to slip below the 15,750 support, Shah said.
“The Nifty50 has deeply sold out and in the last three days, the bears have been unable to push the Nifty 50 below 15,750. In the low time frame, we also see a positive deviation between Nifty50 and RSI, and other oscillators. Markets ready to bounce are getting better. The Nifty needs to break above 15,910 for a rally at 16,100 and above 16,250, “Shah said.
For the day, the index rose 60.15 points, or 0.38 percent, to close at 15,842.30.
He also talked about the low of around 15,750 and said that sales seem to have slowed down a bit as we have reached the key support zone.
“This does not mean that we have gone out of the forest. For now, 15,700-16,100 has become a range for the Nifty50. We do not expect a fall below 15,700-15,600 because the markets are selling very well. Maybe give a false breakdown, “said Samit Chavan of Angel Broking
Gaurab Ratnaparkhi, head of technical research at Sharekhan, said the index could be under pressure as long as it trades below 16,000.
“In that case, it could test the March 15,671 low. Conversely, if the bulls are able to take the 16,000 mark on a stop basis, the Nifty could jump to the 16,200-16,250 level,” Ratnaparkhi said.
On a 15-minute chart, said Subash Gangadharan of
Securities, Index Low Tops Made. “This is not a sign of strength and hence caution. Also, the indicator remains downward. The 20-day MA is below the 50-period MA in the 15-minute chart, indicating that the negative moving average crossover is intact. The Nifty is at 15,671. Close to the big support, which suggests the possibility of bounceback at a very close time, “he said.
The Economic Times