[ad_1] nifty 50 Monday rose for the third consecutive session but closed below its opening level, thus forming a bearish candle on the daily chart. Analysts say the failure to see follow-up buying after the start of the decline was disappointing. He said the index needs to be kept above the 15,800 level to sustain the momentum. Mazhar Mohamed of chartviewindia.in says if the index slips below 15,800, the weakness could extend to 15,600 levels. “To gain some strength, bulls need to at least break above their 20-day SMA, which…
Tag: followup
Nifty: Tech View: Nifty shows no follow-up buying, shows lack of strength
[ad_1] New Delhi: Nifty 50 witnessed selling pressure on Wednesday as it was forming a bearish candle on the daily chart. After breaching the range of 15,200-15,400 in the previous session, the index failed to see buying, reflecting lack of strength. Analysts said a fall below 15,400 could lead to further weakness in the index, while they see a decisive break above 15,700 for further upside. The index for the day ended 225.50 points or 1.44 per cent lower at 15,413.30. Nagraj Shetty, technical research analyst Feather HDFC Securities Said…