INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 on Monday could not hold on to a gap-up start, as the opening level later proved to be the intraday high, with the index
ending up forming a small bearish candle on the daily chart.
Going ahead, it will be crucial to watch out for the 9,320-90 levels on the
On the downside, the 9,100-9,080 range could offer support in the coming days, analysts said
"Though the metrics are still in buy mode, the loss of bullish momentum is all visible
Any attempt to rise from the prevailing levels may witness selling pressure between 9,390 and 9,500 level
at 9,266, down 0.20 points, or 0.04 per cent
level, the initial weakness may extend to the short-term support area between 9,103 and 9,091 levels
Chartviewindia.in.
Rajesh Palviya of Axis Securities said the index has retested the 38.20 per cent retracement level at 9,390 of the
indicates a positive bias in the short term
The medium-term trend remains weak
Selling on rallies continues to be our preferred strategy
Both the daily strength indicators RSI and momentum oscillator Stochastic have turned positive and are above their respective reference
Intraday traders can consider shorting below the 9,230 level and look for a target of 9,100 with a stop above the intraday high, he said.
