Nagaraj Shetti of HDFC Securities said the Nifty on Tuesday ended 238 points lower than its 50-day moving average and formed a bearish candle on the chart. The chart of the nifty looks weak and more declines can be expected soon. A new lower level of 21,500 has been set to be watched by investors for the upcoming week. 22,000 has been set as an opportunity to sell.
Nifty is sending out sell signals when its momentum indicators on daily and hourly were checked and showed a negative crossover.
Top Broking Firms Analysis – What to do next?
Tejas Shah from JM Financial and BlinkX says The overall direction of the market is expected to go downward. The index is expected to reach between levels 21500 and 21550. This can happen gradually after a brief upward movement.
The range of 22,200 to 22,250 is a hurdle for the market. For the market to show strength, they have to break this barrier and end the day above it. Fifty support levels are formed around 21,800 to 21,500. The market is showing interest in buying in these price ranges.
Osho Krishan from Angel One says
The stock market is expected to challenge the $22,000 mark. Surpassing 22,000 seems difficult now. The market is expected to move between the barriers of 22,200 and 21,150. It looks tough for the market to break these points, and investors can expect it to stay within this range for a while.
Krishan advises being extra careful in the current market environment; he asks to predict the movements of individual stocks rather than the overall market. It’s important to not rush things into buying stocks that have dipped, and investors should wait for clear signals that the market is turning bullish.
Jatin Gedia from Sharekhan
Gedia believes that the market is nearing the end of its downward movement. He believes that the decline in the stock market will slow down soon. He suggests that selling pressure won’t be as intense as before.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not TheStockMarketLive. We advise investors to check with certified experts before making any investment decisions.TheStockMarketLive. We advise investors to check with certified experts before making any investment decisions.
