As the bulls continued to falter repeatedly faltering from the 15,900 level, it still appears to be a range-bound market in the 15,900-15,600 range, said Mazhar Mohammad of Chartviewindia.in.
“As the advance-decline ratio is favouring the bears and oscillator/indicator setup on the longer time periods are deteriorating, the bears may eventually gain an upper hand holding the bulls from lifting the index above 15,900 level with a strong close,” he said.
For the day, Nifty closed at 15,824, down 31.60 points or 0.2 per cent.
“The recent structure shows that the index had taken support near the junction of the 40-day EMA & daily lower Bollinger Band but the 15,900 is acting as a barrier, keeping Nifty50’s rise in check. The 15,800-15,750 range offers immediate support for the index. The hourly Bollinger Bands are contracting once again, which shows that the index is likely to witness further consolidation,” said Gaurav Ratnaparkhi of Sharekhan.
Shrikant Chouhan of Kotak Securities said neither was the 15900 broken nor was the 15,750 level threatened.
“The Inside Bar formation is a sign of indecisiveness and on Tuesday a close below the 15,750 level on an hourly basis can only drag Nifty50 towards the 15,650 level,” he said.
