Shillong, October 23: Anand James, the Chief Market Strategist at Geojit Financial Services, notes that the previous week saw a consistent decline, and this downward trend seems to be gaining momentum.
As per IANS, it sets the stage for a potential drop into the 19,350-19,230 range. However, James doesn’t foresee a collapse beyond this point at this stage. A signal for recovery would require either a consolidation within this range or a clear push above the 19,550 level.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, reports that the Nifty once again opened with a gap down and had a weak intraday session. The crucial support at 19,500 is currently holding, but the market remains delicately poised with a cautious sentiment.
Maintaining the index above 19,500 is of utmost importance, as a breach below this level could trigger further selling pressure. The day’s support is at 19,400 levels, while resistance is at 19,700 levels.
On Monday, the BSE Sensex fell by 165 points to reach 65,231 points. Several stocks, including Tata Steel, Maruti, Tata Motors, Kotak Mahindra Bank, and TCS, experienced declines of over 1 percent in trading.
