New Delhi: Another day in the stock market where Nifty 50 flirted with key hurdles at 10,000 points before losing intraday gains.
It was the third in the last five sessions, where the NSE barometer failed to exceed the psychological level. It does not portent well for bulls.
Advisors are advised not to buy any position unless nifty break up the immediate hurdle of 10,000 points or slides down to 9 500 points.
What are Weekly Factors Indicating?
Sacchitanand Uttekar of Tradebulls Securities said in a statement,” Weekly scale indicated looming of Dark Cloud due to the lasting caps of the upside”.
Uttekar also said,” Due to continuous formation of a series of Inside Bar on the daily scale, relative strength is consistently weakening. Along with taking a look at the broader price structure and time cycles conjunction on a daily scale, it would be ideal for holding back from the building of any fresh longs“.
On Wednesday, the index was down by 32.82 points or 0.33 per cent and closed at 9,881 points.
What Are Experts Views on Nifty50 Performance?
“Nifty is consolidating in a narrow range of between 9,720 points on the downside and 10,060 points on the upside,” said Aditya Agarwala of YES Securities.
Agarwala also said,” A close of Nifty 50 above 10,000-10,060 points will take uptrend, taking Nifty to 10,300-10,500 points. However, we can see the index slide down to 9570-9,400 points if bears drag the index below 9,720 points. The RSI is also indicating a weakening of the uptrend due to turning of time frame chart from neutral to southward level”.
Manish Hathiramani of Deen Dayal Investment stated, ” Market is in the consolidation state as index been stuck between 10,050 and 9,700 levels. As long as index won’t go past these levels, we will remain in rangebound mode”.