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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 is keeping the price near the level of 15,984. In such a scenario, the strength could extend to the level of 16,172. For the time being, Short-term traders are advised to remain neutral for a long time, while an intraday shorting can be considered, if nifty Slipped below 15,800 level for a modest target of 15,690,” said Mohammad.
The index for the day closed at 15,832.05, up 132.80 points or 0.85 per cent.
“Significant overhead resistance at 15,800 levels (previous swing lows as per the concept of change in polarity) has been moved to the upside. Research analyst Nagraj Shetty said, “The opening may reduce the effort of the bulls to maintain the high standard.”
securities.
Sameet Chavan of Angel One advises traders to wait for a decisive breakout to bet aggressively.
“It was really disappointing to see the market fail to take advantage of the gains this morning. Ideally, the close of 15,900-16,000 would have created confusion among the bears. But it seems to be catching their nerves. Succeeded and didn’t let Nifty cross the wall,” Chavan said.
Independent analyst Manish Shah said although the underlying trend is up on the lower time frame, we could see price acting on a slower pace towards the end of June.
bank nifty
Shah said that Bank Nifty is exiting an inverted head-and-shoulders pattern, a bullish trend reversal pattern.
“This suggests a rally of 34,800-34,900 over the next several days. MACD has moved into a buy mode, and PDI has crossed MDI. Bank Nifty may see a steady rise in the next few days. Support 33,600 is at -33,650, and as long as Bank Nifty stays above it, short-term bias intensifies,” Shah said.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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