According to Mazhar Mohammad of Chartviewindia.in, a close look at the last nine sessions suggests that the Nifty 50 may be opening up new integration zones in the range of 14,900-14,300.
He said he would try to close the bullish gap in the 14,617-14,572 zone formed on March 30 if the index fell below the 14,670 level on Thursday.
“Usually, such a gap acts as a negative support point, so you can expect some buying as the index approaches the above zones,” he said.
The index for the day fell by 154.40 points (1.04%) and closed at 14,690.
Aditya Agarwala of YES Securities said sustained deals below the next immediate support in the gap area of 14,620 will resume remediation and reduce to the 14,550-14,470 zone.
“On the other hand, the Bulls need to push the index above the 20-DMA 14,850-14,900 zone and the recent high clusters to continue the rise to the 15,100 level,” he said.
Chandan Taparia of Motilal Oswal Securities said that not only did the index form a bearish belthold pattern, but it also formed an insider bar as it traded within the trading range of the previous session.
Please check Candlestick formation In the latest trading session
“To witness a bounce towards 14,900 and 15,000 levels, you need to hold above 147,50 levels. Index support exists at 14,600 and 14,500 levels,” says Taparia. ..
Nifty Analysis: Tech View: Nifty50 forms a bearish belt hold and may be supported at 14,620
https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-bearish-belt-hold-may-get-support-at-14620/articleshow/81779913.cms Nifty Analysis: Tech View: Nifty50 forms a bearish belt hold and may be supported at 14,620