INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 on Monday witnessed selling pressure from the word go and ended up a tad below the psychologically important 10,800
session.
Analysts feel the index may remain rangebound for some time, before seeing a decisive breakout
range breakout to start the next leg of rally
As long as it holds above 10,750, Nifty50 could see an upward move towards 10,850 and 10,888 levels
The pattern signals ongoing sideways range movement in the market, said Nagaraj Shetti of HDFC Securities.
The underlying trend remains
The ongoing range-bound movement is likely to continue with a negative bias, Shetti said.
Daily indicators RSI and Stochastic are in the
range for past three consecutive sessions, indicating a short-term sideways movement
in the short term, which shall lead to a directional move
On the downside, the 10,755 level looks critical, a breach of which may enhance selling pressure and strengthening the hands of the bears,
whereas a close above 10,893 will give the bulls a lift, said Mazhar Mohammad of Chartviewindia.in.
