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Analysts said the index put up a strong fight to defend its critical support in the 11,783-740 range despite testing the range twice in last one-and-half hours of trade.
Nifty must respect this range in the coming sessions in order to avoid a sharp fall. On the upside, it has resistance in the 11,900-11,920 zone.
“Multiple supports are emerging on the downside at every 50 points. In case Nifty fails to hold the 11,749 level, it can head to test its 200-day simple moving average support placed at 11,684 level. On the upside, a mild strength can be expected if it sees a close above 11,900,” said Mazhar Mohammad of Chartviewindia.in.
For the day, the index closed at 11,813, down 16.20 points or 0.14 per cent. The NSE barometer formed a small bearish candle on the daily chart.
In terms of the Fibonacci retracement, the index is approaching the 78.6 per cent retracement of the post-Budget rise, which stood at 11,750.
“Thus the 11,783-11,749 range becomes the immediate support zone to watch out for. Once this support zone cracks, the index can swiftly roll down to test the low of 11,614. The near-term resistance is placed at 11,900-11,920,” said Gaurav Ratnaparkhi of Sharekhan.
Rohit Singre, Senior Technical Analyst at LKP Securities expects a relief rally if the index closes above 11,900.
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