Vivek Goel, Joint MD, Tailwind Financial ServicesĪfter touching a high of above 18600 in October last year, Nifty and overall markets are on a downward trend currently trading close to their 52 week lows. On the flip side, below 15250, the uptrend would be vulnerable and below the same, the index could slip till 15180-15100. And if the index succeeds to trade above the same, then the pullback rally is likely to continue in the near future and could move up to 15500-15600 levels. The index has also formed a Hammer reversal formation on daily charts, indicating strong possibility of a fresh pullback rally from the current levels.įor day traders, 15250 would be the sacrosanct support zone. Technically, on intraday charts, the Nifty has formed a double bottom formation which is broadly positive for the near term. However, the bearish undertone can be seen from the fact that heavy selling continued in metals, oil & gas and capital goods stocks as worries of growth slowdown resulted in a fall in these stocks. Markets finally heaved a sigh of relief and logged steady gains after early optimism in key European indices prompted selective buying in IT, finance and healthcare stocks. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities: PhonePe Beat of Progress Powered by Moneycontrol.Pharma Industry Conclave Unlocking opportunities in Metal and Mining.The Challengers Life Insurance Made Simple.
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