INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 tumbled for the second straight session on Thursday and ended up forming a bearish candle on the daily chart
Technical indicators turned weak, but a small pullback cannot be ruled out
The index is likely to drift towards 10,417 and subsequently towards 10,325, which is the 61.8 per cent retracement level of its previous
resistance in the near term
For the day, the Nifty50 fell 82.30 points, or 0.77 per cent, to end at 10,589
It struggled to enter the positive terrain throughout the session.
Nagaraj Shetti of HDFC Securities said levels around the 10,550 mark may
between 10,550 and 10,530 levels
Palviya of Axis Securities.
Mazhar Mohammad of Chartviewindia.in advised traders to avoid bottom fishing for the time being till some signs
of strength and stability get visible
with the formation of higher high and lower lows for last three sessions
As long as it sustains below 10,660, Nifty could weaken towards 10550, he said.
Mustafa Nadeem, CEO at Epic Research, is a bit bearish on
He expects Nifty to weaken further and test lower levels in the 10,510-10,520 range.
