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October 2, 2022

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Nifty: Tech View: Nifty shows no follow-up buying, shows lack of strength

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New Delhi: Nifty 50 witnessed selling pressure on Wednesday as it was forming a bearish candle on the daily chart. After breaching the range of 15,200-15,400 in the previous session, the index failed to see buying, reflecting lack of strength.

Analysts said a fall below 15,400 could lead to further weakness in the index, while they see a decisive break above 15,700 for further upside.

The index for the day ended 225.50 points or 1.44 per cent lower at 15,413.30.



Nagraj Shetty, technical research analyst Feather HDFC Securities Said proper downside candle indicated a bull trap in the market.

“After a permanent upside bounce on Tuesday, nifty Showing an immediate reaction to the fall in the subsequent session indicates a lack of strength in the market to sustain the bullish momentum,” Shetty said.

“As per the concept of change in polarity, significant overhead resistance at 15,700-15,800 levels has overburdened the market. After reaching the day’s high of 15707 on Tuesday, Nifty 50 is showing sharp weakness on Wednesday, indicating the importance of the hurdle. it shows.”

According to Mazhar Mohammad of chartviewindia.in, weakness will not be confirmed until Nifty 50 closes below 15,382. so close, index

Initially, we can revisit the recent low of 15,183 and then move to 14,900.

“However, if the bulls manage to defend 15,182, they may eventually attempt to resume the pullback rally with an opening target of 15,700. Considering the strong move in opposite directions from the last two trading sessions, Traders are advised to remain neutral.” Mohammad said.

Osho Krishna of angel one The said halt in buying after the day’s rally reflected volatility among market participants at higher levels.

“At the current turn, immediate support is likely to be seen around 15,300 level wherein keeping the index above the sacred support of 15,180-15,200 zone can be seen as a last resort of relief for the bulls,” he added. . Told.

“The critical area of ​​15,650-15,700 stops

Wall for the index, and unless it is claimed, it will be a challenging period for the D-Street bulls.”

Nifty Bank

Sandalwood

of Motilal Oswal Securities Said the index has formed a minor bearish candle on the daily chart and surrendered in higher areas.

“As long as it stays below 33,000, weakness can be seen towards 32,500. Upward resistance can be seen at 33,333 and 33,500 levels,” he added.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent whose views) economic times,

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