Wednesday, July 24, 2024

Short-term trend of Nifty continues to be negative

The short-term trend of Nifty continues to be negative. After showing a lack of strength during recent upside bounce, the market is now placed at the edge of a downside breakout of 19,500 levels., said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

On Tuesday, Nifty 50 closed with a loss of 110 points, or 0.56 per cent, at 19,528.75.

The next lower levels to be watched are at 19,225 levels while immediate resistance is placed at 19,700 level, Shetti said.

After showing a reasonable upside bounce on Friday, Nifty slipped into weakness amidst a range bound movement on Tuesday and closed the day lower by 110 points. After opening with a negative note, the market slipped into further weakness in the early part of the trade. It later shifted into a narrow range movement with weak bias for rest of the session, he said.

Rupak De, Senior Technical analyst at LKP Securities, said the Nifty ended the session with a selling pressure following a volatile trading day. Towards the downside, the index found support at the ascending trendline on the daily chart. The sentiment looks pessimistic for the short term.

Looking ahead, the level of 19,480 is expected to serve as a pivotal “make or break” point. If there is a decisive decline below 19,480, it might trigger heavy selling in the market. On the upside, 19,600 will continue to remain a significant resistance level, he said.

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