The index appears to be finding some support at 15380, said Mazhar Muhammad of Chartviewindia.in. This is the bottom line of the bullish gap area recorded on June 21, he said, adding that as long as this counter holds above 15,382 on a closing basis, hopes for a price hike remain.
“In the event Nifty50 manages to surpass 15,700, the pullback swing will expand into the critical resistance area of 15,850-900 levels,” he said.
The index closed today at 15,556.65, up 143.35 points, or 0.93 percent.
“The elegant It entered a short-term consolidation mode recently and is therefore experiencing a range-limited movement. The index saw sharp fluctuations near 15,400-15,600 on June 23. And on the upside, 15,670-15,700, which previously acted as a support area, is now forming a resistance area as per the role reversal principle. The index is facing selling pressure as it approaches this area. Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said by
The Securities said that the index is within a wide range – a broader low ranging between 15,700 – 15,350 levels. “There is potential for a further upside move towards the crucial general resistance from 15.700 -15.800 in the next 1-2 sessions, before showing another round of slight weakness from the rallies,” he said.
Milan Vaishnav, founder and technical analyst at Gemstone Equity Research, said the index has largely set itself a range for the week ahead.
“Reading the monthly options data, the markets are likely to remain in the 15,500-16,000 range. It has a higher chance of testing 15,800 and higher if 15,450 remains protected,” Vaishnav said.
Securities said that the index moved in a wide range from 32650 to 33420 before settling today near 33135.
“It has formed a bullish candle on the daily frame with a longer shadow, which indicates volatility throughout the day. It should stay above 33,000 for an upward move towards 33333 and 33500 areas. Support is placed at 32750 and 32500 levels,” Tabaria said.
(Disclaimer: Recommendations, suggestions, opinions and opinions provided by experts are their own. These do not represent the views of the Economic Times)