A protracted bear candle was shaped, after the formation of small adverse candles within the final 4 classes, which point out that the draw back momentum has began to collect energy. This might imply probabilities of extra weak point for the Nifty within the coming classes. The following essential assist is positioned at 14335, which is a gap upside hole of 2nd Feb that shaped after Union Price range and the essential weekly assist of 10 week EMA round 14365. Therefore, each the assist ranges match supposed decline for market.
The brief time period pattern of Nifty continues to be adverse. The pickup of draw back momentum may sign extra weak point within the subsequent few classes. The decrease ranges to be watched round 14350-14300, which could possibly be achieved by this or by subsequent week. Quick resistance is positioned at 14800-14850.
~Nagaraj Shetti, Technical Analysis Analyst, HDFC Securities