Technical View On Nifty: After yesterday’s fall, Nifty is trading on the green mark in today’s trading. Although it has formed a bearish candle, now it is very important for the index to stay above the low level of 15671 in March.
Due to the high level of inflation in the country, the repo rate may be increased further by the Reserve Bank in the coming days. At the same time, good signals are not coming from the foreign markets as well. The fear of tightening the policy by the US Federal Reserve also increased the concern of the market.
According to the latest estimates, the Nifty index has formed a bearish candle on the daily chart. Experts said that the index should defend the low level of March (15,671) in the coming sessions, otherwise it may slip to 15,000.
According to experts, the market is currently under complete control of the bears, as the Nifty index has given closing with a fall of 2 percent in yesterday’s trade. In such a situation, if it falls below the level of 15,671 then Nifty will eventually slip towards the level of 15,041 with weakness. Then the decline will deepen. In fact, unless the index has consolidated around a particular point for a few trading sessions, an upward move should not be expected.
In yesterday’s trade, Bank Nifty opened with a fall of 400 points and lost all its strength. The index slipped sharply to reach the day’s low of 33,298. It formed a strong bearish candle on the daily frame and closed down 1,161 points at 33,532.
Experts say that as long as the index stays below 34,000, then weakness can be seen towards the lower levels of 33,000 and 32,500. However, now an upward resistance level has been formed at 34,000 and 34,350.
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