The short-term and the near-term trends of Nifty remain weak. A decisive move below 21,900 could open sharp weakness down to the next lower support of 21,500 levels in the near term. Immediate resistance is at 22,200 levels, said Nagaraj Shetti of HDFC Securities.
The momentum indicator suggests bearish momentum in the near term.
What should traders do? Here’s what analysts said:
Rupak De, LKP Securities
Immediate support is situated at the 50DMA, currently at 21,900, which is expected to provide support for the Nifty. A decisive drop below 21,900 could lead to a sharp decline in the index. On the upside, resistance is observed in the range of 22,200-22,250.
Jatin Gedia, Sharekhan
On the daily charts, we can observe that Nifty has managed to hold on to the support zone of 21,900 – 21,860 as of Friday. The 40-day exponential average (21970) absorbed the selling pressure. So, until this zone is held, we can expect the upside momentum to resume. In terms of levels, 22,215 – 22,250 is the immediate hurdle zone while 21,900 – 21,860 is the crucial support.
Tejas Shah, Technical Research, JM Financial & BlinkX
Nifty is finding support around the psychological support of 22,000 on a closing basis for the past few days and there is clearly a tug-of-war between the bulls and the bears for this make-or-break support level. We continue to work with 21,850 – 22,000 as an important support zone for the next couple of days.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
