Mazhar Mohammad of Chartviewindia.in saidthe index traded in a slender vary of 266 factors throughout the week, hinting at a weakening of momentum.
“Furthermore, sure technical oscillators on the weekly charts look like overheated, with the each day RSI registering a potential detrimental divergence, because it didn’t get previous the earlier prime, not like the worth chart. We see sideways consolidation subsequent week with a detrimental bias,” Mohammad mentioned.
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 beneath this vary can drag Nifty50 in direction of the 15,600-15,500 area. The 15,840 degree would act because the quick hurdle. Whether it is breached and sustained, an extension of features in direction of the 16,000 mark will probably be potential,” mentioned Rohit Singre of
Mohammad mentioned a fall beneath the 15,749 degree could drag Nifty50 in direction of the 15,566 degree. He suggested merchants to stay impartial.
“For the following week,” mentioned Shrikant Chouhan of Kotak Securities, “one wants to vary the technique of shopping for on minor helps to purchasing solely on giant helps.”
“Attempt shopping for the index within the 15,550-15,450 vary. Our recommendation can be to take revenue or scale back lengthy positions between 15,950 and 16,050 ranges,” Chouhan mentioned.