The index hit an all-time high of 15,915 at open but tested the 15,800 level intraday, before closing the session near the day’s low. Analysts said the index would find immediate support in the 15,800-750 range. They believe a sustained close above 15,915 level should offer the bulls an edge.
“With a gap-up opening, Nifty50 crossed the swing high of 15,901 as well as the daily upper Bollinger Band. But it could not sustain in the higher territory and had a minor degree correction. The selling pressure was absorbed near key hourly moving averages. The overall structure shows the index is still in the trading range. Today’s high of 15,915 will now be the key hurdle,” said Gaurav Ratnaparkhi of Sharekhan.
Ratnaparkhi sad the 15,800-15,750 range will act as immediate support, while a key short-term support for the index is placed at the swing low of 15,673, he said.
Mazhar Mohammad of Chartviewindia.in said a correction should get accentuated on a close below 15,670 level, with a target of 15,500. He said the 20-day simple moving average, which in the past offered support to the index on corrections, is placed at 15,720.
“Sustaining above 15,673 level looks critical for the bulls in the near term to retain an optimistic stance and make an attempt to register a breakout above 15,900 level,” he said.
For the day, the index closed at 15,814 level, down 45.65 points or 0.29 per cent.
“As long as we don’t see a decisive close above 15,900, we may not see aggressive move northwards. Support are placed near the 15,775-15,675 range,” said Rohit Singre of
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