Independent Analyst Manish Shah said that the weekly pattern is a bullish reversal pattern and one can assume that Nifty 50 will see some bounce in the coming days.
“On the daily time frame, Nifty 50 has not made any new lows since June 16. The reluctance to trade below the market lows even after six days suggests that the market is not in a mood to trade down immediately. Nifty 50 needs to break above 15,850 to signal a rally of 16,200-16,300 nifty is at 15,400. There could be a break below the support and a further drop to 15,100-15,000.
For the day, the index closed at 15,699.25, up 142.60 points or 0.92 per cent.
Milan Vaishnav, Founder and Technical Analyst, Gemstone Equity Research said that the 15,700 level will act as an inflection point for Nifty 50. If the index stays below this point, it may well consolidate again in the defined range. However, there are more chances for it to move above 15,700 and move towards the 16,000 level.
Nagraj Shetty, Technical Research Analyst,
Securities said that the short term trend of Nifty 50 remains positive. “After holding on to significant overhead resistance at the 15,800 level, another minor downside correction from the highs around 15,800-15,900 is likely by next week, before a decisive upside breakout is visible,” he added. Told.
Off Securities said a decline was seen in buying on the index. He said the index outperformed the broader market to close with a gain of around 490 points for the day.
“It formed a bullish candle on the daily and weekly frames. Now, it needs to be placed above 33,500 to move towards the 34,000 and 34,250 zones, while support is placed at the 33,333 and 33,000 zones,” he said.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)