During the session, the NSE barometer saw selling pressure near the 14,750 level. It broke below the 20-day exponential moving average (EMA), before buying emerged near the 100-day simple moving average (SMA), whose value is placed at 14,576 level.
The index is likely to stay in a broad range between 14,400 and 14,890 levels next week, said analysts, who believe the chances of a recovery from here on are good.
Mazhar Mohammad of Chartviewindia.in said the index saw some intraday recovery after retracing 62 per cent of its last leg of rally from the lows of 14,416-14,966.
“The 14,591 level can be of technical significance in the near term. If Nifty50 manages to sustain above the said level, it can bounce towards the higher end of the trading range with an initial target of 14,890,” he said.
For the day, Nifty closed at 14,677 level, down 18.70 points or 0.13 per cent. This was the third session when the index formed higher highs and lows.
ETMarkets.comFor the coming week, Nifty50 needs to break above 14,850 level for an upside till 15,000-15,050 levels, said independent analyst Manish Shah. “If the breakout range does manifest, Nifty50 should rally towards the 15,450-15,500 zone. Any decline towards the 14,450-14,500 zone should be used to buy into the market with a stop below 14,200,” Shah said.
Nirali Shah, Head of Equity Research at Samco Securities, said Nifty50 has failed to retest the immediate resistance at 15,000, as is facing supply pressure at higher levels.
“The benchmark index is lacking directional move after a prolonged rally and is now contained within a consolidation range between 14,400 and 15,000 levels,” she said.
Check out the candlestick formations in the latest trading sessions
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This analyst has maintained her bearish short-term outlook at least till the immediate resistance level of 15,000 is broken.
