Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan, said the index hovers around the key hourly moving averages and the 20-DMA. “Finally, it formed an Inside Bar pattern on the daily chart. The overall structure suggests that the index has been in a short-term consolidation phase since a few weeks ago and that is likely to continue,” he said.
During the day, the index closed at 17,542.80, down 216.50 points, or 1.22%.
Nagaraj Shetti, Technical Research Analyst at Securities, said the index is placed in a broader range of 17,350-17,750 levels and is likely to consolidate with some volatility in the coming sessions.
“After turning down from key trendline resistance at 17,900 last month, the index made another attempt towards trendline resistance around 17,800 on Tuesday, before witnessing the another round of selling pressure. A bounce back from near the lower support of 17,350-17,300 levels is likely in the short term. Shetti said.
Mazhar Mohammad at Chartviewindia said it is important for the bulls to defend the bullish differential zone of 17,401 and 17,380 levels registered on August 30, as a similar breach on a closing basis could be beneficial. for the bears.
“In that scenario, the weakness would initially extend to the recent low of 17,166 levels. Considering the strong moves of the last two trading sessions, in opposite directions, traders are advised to stay neutral on index positions,” said Mohammad.
Bank Nifty
The banking index closed the day at 39,301.25, down 235.50 points, or 0.6%.
Kunal Shah, Senior Technical Analyst,
, said that after a bearish open, the index held the 38,800-38,500 support on the downside, showing that the positive trend remains. The immediate hurdle on the upside is set at 39,500, and once removed, the index should rally sharply towards 41,000.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times)
