On Tuesday, Nifty opened higher and made a small positive candle on the daily chart, but it also had a long upper shadow. This shows that while the market bounced back a bit, it doesn’t have enough strength to hold onto those gains. The daily chart still shows a pattern of lower tops and bottoms, which means we might see another decline soon.
If Nifty continues to move upwards, it might struggle at around 23,350 levels, where there is a gap from a previous drop back in January. Right now, the market mood stays weak. Traders are advised to look for selling options around the 23,350 level. The immediate support level is at 23,050.
What Analysts Are Saying:
– Jatin Gedia from Mirae Asset Sharekhan: Nifty is experiencing a short-term bounce after a sharp drop in previous days. The 20-hour moving average is at 23,277, and Nifty should be seen as a selling opportunity if it pulls back to the resistance zone (23,270 – 23,300). He expects it to drift down towards 23,000 – 22,670 unless it goes above 23,340.
– Rupak De from LKP Securities: Nifty has been a bit mixed, forming a bullish Harami Cross pattern, which suggests a possible short-term recovery. As long as it stays above 23,135, it could push up to 23,400. A solid move past 23,400 might bring further gains.
– Praveen Dwarakanath from Hedged.in: After a week of making lower lows, Nifty finally closed higher without making a new low, hinting at a recovery. It formed an insider candle which shows indecision, but the momentum indicators suggest a bounce is possible. Data shows call options are being written at 23,200 and above, but puts are seeing short covering, which indicates mild bullishness.
(Disclaimer: The opinions shared by these experts are their own and do not reflect the views of Thellv.news)
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