For Nifty, the short-term trend continues to be weak. It can slide to 16,800-16,700 during the week, while on the upper side, 17,050 can be a crucial resistance, experts have said
For Nifty, the short-term trend continues to be weak. It can slide to 16,800-16,700 during the week, while on the upper side, 17,050 can be a crucial resistance, experts have said
Stock Market
The market ended lower for the second consecutive session on March 24 on weak global cues as banking sector weighed heavy, while a surprise 25 percent hike in securities transaction tax on futures & options trade at home dented the sentiment.
The 30-pack Sensex fell 398 points to 57,527, while the broad-based Nifty declined 132 points to 16,945. The Nifty formed a long bearish candlestick on the daily charts, breaking the lower threshold of downward sloping channel, making the street nervous about the future trend.
"A long bear candle was formed on the daily chart, which indicates a sell on rise action in the market around 17,200 levels. The recent swing high of 17,207 could now be considered as a new lower top of the sequence and the market is on the way down to the new lower bottom - below 16,800 levels in the near term," Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
For the Nifty, the short term trend continues to be weak. The index can slide to 16,800-16,700 during the week. On the upper side, the area of 17,050 could be a crucial resistance, Nagaraj said.
For Nifty, the short-term trend continues to be weak. It can slide to 16,800-16,700 during the week, while on the upper side, 17,050 can be a crucial resistance, experts have said
Stock Market
The market ended lower for the second consecutive session on March 24 on weak global cues as banking sector weighed heavy, while a surprise 25 percent hike in securities transaction tax on futures & options trade at home dented the sentiment.
The 30-pack Sensex fell 398 points to 57,527, while the broad-based Nifty declined 132 points to 16,945. The Nifty formed a long bearish candlestick on the daily charts, breaking the lower threshold of downward sloping channel, making the street nervous about the future trend.
"A long bear candle was formed on the daily chart, which indicates a sell on rise action in the market around 17,200 levels. The recent swing high of 17,207 could now be considered as a new lower top of the sequence and the market is on the way down to the new lower bottom - below 16,800 levels in the near term," Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
For the Nifty, the short term trend continues to be weak. The index can slide to 16,800-16,700 during the week. On the upper side, the area of 17,050 could be a crucial resistance, Nagaraj said.
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