Mazhar Mohamed of chartviewindia.in says the index is finding some support at 15,380. This is the lower end of the Bullish Gap zone registered on June 21, adding that as long as it remains above 15,382 on a counter closed basis, hopes of a pullback rally are alive.
“If Nifty 50 crosses 15,700 level, pullback swing will spread to the crucial resistance area of 15,850 – 900 levels,” he added.
For the day, the index ended with a gain of 143.35 points or 0.93 per cent at 15,556.65.
“The nifty Has recently moved into a short-term consolidation mode and is looking at range-bound action accordingly. On June 23, the index saw sharp fluctuations around 15,400-15,600. On the upside, 15,670-15,700, which previously acted as a support area, is now acting as a resistance area according to the principle of roll reversal. The index is facing selling pressure as it approaches this zone. Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, “It is expected to remain in consolidation mode till the level of 15,700 is not taken out on closing basis.
Securities said the index has been placed in a broad high-low range of 15,700-15,350. “It is very likely to move towards the crucial overhead resistance of 15,700 -15,800 in the next 1-2 sessions, before showing another round of minor weakness from the highs,” he added.
Milan Vaishnav, Founder and Technical Analyst, Gemstone Equity Research, said the index has largely set a threshold for itself for the coming week.
“Reading the monthly options data, the market is likely to remain in the range of 15,500-16,000. 15,800 is more likely to be tested and 15,450 is higher if safe,” Vaishnav said.
The index moved in a wide range from 32,650 to 33,420 before closing the day near 33,135, the Securities and Exchange Board of India said.
Taparia said, “It formed a bullish candle with long shadow on the daily frame indicating swings throughout the day. It needs to hold above 33,000 to move towards the 33,333 and 33,500 zones. Supports at 32,750 and 32,500 levels Is placed.”
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