Nifty falls below critical near-term moving average
The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation, he said.
New Delhi: The benchmark indices on Thursday exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid Fed cuts due to strong US retail sales and the resulting rise in global bond yields, Vinod Nair, Head of Research, Geojit Financial Services, said.
Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production.
The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation, he said.
Rupak De, Senior Technical Analyst, LKP Securities said the Nifty slipped below the rising trendline on the daily chart, suggesting a bearish trend reversal.
Besides, the index has fallen below the critical near-term moving average.
Now, the trend is likely to remain weak as long as the index stays below 21,550.
A decisive move above 21,550 might weaken the bears; until then, bears might control the market.
On the lower end, support is placed at 21,400. A drift below 21,400 might take Nifty for a revisit to 21,250-21,200.
