Mazhar Mohammad of Chartviewindia.in saidthe index traded in a slim vary of 266 factors in the course of the week, hinting at a weakening of momentum.
“Furthermore, sure technical oscillators on the weekly charts seem like overheated, with the day by day RSI registering a doable adverse divergence, because it didn’t get previous the earlier high, in contrast to the worth chart. We see sideways consolidation subsequent week with a adverse bias,” Mohammad stated.
For the day, Nifty closed at 15,799, up 61.60 factors or 0.39 per cent.
“A Doji candle sample represents indecision out there. On a right away foundation, the index has help close to the 15,750-15,700 zone and any breach under this vary can drag Nifty50 in direction of the 15,600-15,500 area. The 15,840 stage would act because the speedy hurdle. Whether it is breached and sustained, an extension of features in direction of the 16,000 mark will likely be doable,” stated Rohit Singre of
Mohammad stated a fall under the 15,749 stage might drag Nifty50 in direction of the 15,566 stage. He suggested merchants to stay impartial.
“For the subsequent week,” stated Shrikant Chouhan of Kotak Securities, “one wants to vary the technique of shopping for on minor helps to purchasing solely on massive helps.”
“Strive shopping for the index within the 15,550-15,450 vary. Our recommendation could be to take revenue or cut back lengthy positions between 15,950 and 16,050 ranges,” Chouhan stated.