INSUBCONTINENT EXCLUSIVE:
Before closing 30.95 points, or 0.29 per cent, lower at 10,741, the 50-share index hit an intraday high and low of 10,809 and 10,725,
As a result, it ended up a black body or bearish candle on the daily chart.
Rajesh Palviya, Head Technical Derivatives Analyst, Axis
sessions, the Nifty has managed to hold its multiple support zones at 10,700 level
sustain above its 20-day and 50-day SMAs, which indicated that its short-to medium-term trend might remain bullish
Mazhar Mohammad, Chief Strategist for Technical Research Trading Advisory at Chartviewindia.in, said a bearish candle was formed on the
charts on Thursday, but the index succeeded in defending the recent low of 10,701 level, which can be a sign of hope for the bulls.
Mohammad
said the strength on the upside would not come back unless the index closes above 10,842
Momentum indicator moving average convergence divergence, or MACD, turned advantageous to the bears as it generated a sell signal
pace only if Nifty closes below 10,698 level
Till then, the market may remain choppy and volatile
open interest (OI) stood at 10,700 followed by 10,600 strike, while maximum Call OI was seen at 11,000 followed by 10,800 strike
Motilal Oswal Financial Services.
