This week, the stock market took a big hit with a strong downward move. After rising for two weeks, the Nifty 50 index fell sharply, showing signs that it might continue to lose ground. A big red candle on the weekly chart suggests a possible drop ahead. The market is currently showing a pattern of lower highs and lower lows, indicating weakness.
If the Nifty breaks below the important support level of 22,800, it could slide down to around 22,450, which is a key moving average level. On the upside, traders see immediate resistance at 23,250.
Looking at trade data, there are a lot of call options at 23,000 and 23,100, while on the put side, the highest interest is at 22,800 and 22,900.
Experts have some thoughts on what traders should do:
– Satish Chandra Aluri from Lemonn Markets: The major stock indices fell for eight straight days, mainly due to worries about U.S. tariffs that could affect India. The Nifty has dipped below 23,000, and if it moves down past 22,800, more losses could follow.
– Hrishikesh Yedve from Asit C. Mehta: The Nifty has found strong support around 22,780, but with so many red candles on the charts, it seems like the market isn’t ready to bounce back up just yet. Resistance zones are around 23,260 to 23,300. If the Nifty can break above 23,300, it might signal a strong recovery.
– Jatin Gedia from Sharekhan: The Nifty has hit the low of 22,800 three times in the past month. It is likely to continue going down to around 22,670 – 22,600 soon. The resistance level is between 23,000 – 23,100, which is being tested by moving averages. Until the pressure from call options at 23,000 – 23,300 eases, expect to see selling pressure.
(Disclaimer: The opinions and views expressed here are those of the experts and do not reflect those of Thellv.news)
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