Aditya Agarwala of YES Securities said if the bulls manage to push Nifty beyond the 14,880-14,900 zone, the index can rise and test the 15,100-15,200 zone.
“A failure to do so may extend this rangebound consolidation and drag Nifty lower to 14,600-14,450 levels with an intermediate support at 14,760 level, being the confluence of the 20-DMA & 50-DMA. Technical indicator RSI, too, is oscillating in the 55-45 range, confirming sideways consolidation at the moment,” Agarwala said.
For the day, the index closed at 14,834, down 38.95 points or 0.26 per cent.
ETMarkets.com“The momentum appears to be deteriorating slowly and tilting in favour of the bears as the index registered a Long-Legged Doji kind of formation on the weekly chart and a Small Bearish Candle on the daily chart after Thursday’s failed breakout attempt. If the index registers a close below 14,800 level, a sharp correction going forward can’t be ruled out. In order to negate the pessimistic outlook, the bulls need a strong close above 14,900 level,” said Mazhar Mohammad of Chartviewindia.in.
Chandan Taparia of Motilal Oswal Securities said Nifty has to decisively cross and hold above 14,880 level for a bounce towards 15,000 and 15,100 levels. He sees downside support at 14,750 and 14,650 levels.
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Rohit Singre of LKP Securities said the index has good resistance in the 14,900-15,000 zone and a trading below the said range may bring in pressure on every rise. “A good support is still placed in the 14,700-14,600 zone,” he said.
