Analysts said the index needs to close above 15,050 level to change the sentiment. For the day, Nifty closed at 14,929, down 101.45 points or 0.67 per cent.
Ruchit Jain of Angel Broking said that in this corrective phase is difficult, as the market has been witnessing volatile moves on both sides of the trade.
“As of now, there are no signs to the end of this corrective phase. Traders are advised to avoid getting carried away and look for stock-specific opportunities. The immediate support for Nifty is placed around 14,700 level, while resistance is seen around 15,050,” Jain said.
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Mazhar Mohammad of Chartviewindia.in said a breach of 15,048 level would a prerequisite for a bullish stance.
Aditya Agarwala of YES Securities said momentum indicator RSI has turned down from the crucial upper end of the bear territory i.e. 60 on two occasions now, clearly indicating that the uptrend is losing momentum.
“On the upside, the 15,100 mark would be the immediate resistance now, and the index needs to sustain beyond this point to trigger a good short-covering rally. If the bears push the index below 14,870, it can slide lower to 14,770-14,650 levels,” he said.
ETMarkets.comAgarwala said Nifty50’s 50-DMA is placed at 14,700 level, which also is a trendline support. A breach of this support will extend the profit booking to 14,460-14,336 levels, which is the GAP area formed after the Budget session, he said.
