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Nifty 50: Tech View: Bulls are indecisive Nifty50; reverse limit at 15,700

Nifty50 on Thursday formed an indecisive Spinning Top candle on the daily chart. Analysts say the index has entered a consolidation phase that could last several days until the wider range 15,350-15,700 is definitively eliminated.

The index seems to be finding some support at 15,380, said Mazhar Mohammad of Chartviewindia.in. This is the lower end of the bullish arbitrage zone registered on June 21, he said, adding that as long as the threshold holds above 15,382 on a closing basis, a rally is expected. still exist.

“In the event that Nifty50 breaks above 15,700, the pullback will extend into the critical resistance area of ​​15,850-900 levels,” he said.



During the day, the index closed at 15,556.65, up 143.35 points, or 0.93%.

“The Nifty has recently entered short-term consolidation mode and accordingly it is seeing range-bound action. The index saw sharp swings near 15,400-15,600 on June 23. On the higher side, 15,670-15,700, which previously acted as a support area, is now acting as a follow resistance area. role reversal principle. The index is facing selling pressure as it is approaching this zone. Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan, said that unless the 15,700 level is taken on a closing basis, expect it to stay in consolidation mode.

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Nagaraj Shetti’s

Securities says the index is placed in a wider range of highs and lows of 15,700-15,350 levels. “Likely to continue moving up towards the key overhead resistance of 15,700 -15,800 over the next 1-2 sessions, before showing another minor pullback from the highs,” he said.

Milan Vaishnav, Founder & Technical Analyst at Gemstone Equity Research, said the index has largely defined a range for itself in the coming week.

“Reading the monthly options data, the market is likely to be between 15,500-16,000. It has a greater chance to test 15,800 and higher if 15,450 remains protected,” Vaishnav said.

Bank Nifty

Chandan

The index fluctuated in a wide range of 32,650 to 33,420, before closing the day near 33,135, said Securities’s.

“It formed a Bullish candle on the daily frame with a longer shadow, showing volatility throughout the day. It must hold above the 33,000 level to rally to the 33.333 and 33,500 zones,” said Taparia. set at 32,750 and 32,500,” Taparia said.

(Disclaimer: The recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times)

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