Shillong, October 3: Nagaraj Shetti, Technical Research Analyst at HDFC Securities, has noted that the short-term trend of Nifty continues to be negative.
As per IANS, the market, after displaying a lack of strength during the recent upside bounce, is now positioned at the brink of a downside breakout below the 19,500 level.
On Tuesday, Nifty 50 concluded with a loss of 110 points, equivalent to 0.56%, settling at 19,528.75.
Shetti highlights that the next support levels to monitor are at 19,225 levels, while immediate resistance is situated at the 19,700 level.
Following a reasonably positive upside bounce on Friday, Nifty exhibited weakness within a range-bound movement on Tuesday, resulting in a 110-point decline. The market initially opened on a negative note and continued to weaken during the early part of the trading session. Subsequently, it adopted a narrow range pattern with a weak bias for the rest of the session.
Rupak De, Senior Technical Analyst at LKP Securities, observed that Nifty concluded the session under selling pressure after a day of volatile trading. The index found support at the ascending trendline on the daily chart, but the sentiment appears pessimistic for the short term.
Looking forward, the pivotal “make or break” point is expected to be at the 19,480 level. A decisive decline below this point could trigger substantial selling in the market. On the upside, the 19,600 level remains a significant resistance point to watch.
