Nifty's near-term and near-term trends remain weak. A decisive move below 21,900 could lead to sharp weakness in the short term to the next lower support at the 21,500 level. Nagaraj Shetty of HDFC Securities said the immediate resistance lies at the 22,200 level.
Momentum indicators suggest bearish momentum in the short term.
What should traders do? Analysts say:
Rupak De, LKP Securities
Immediate support is expected to be at 50DMA (currently 21,900) and provide support for Nifty. A decisive drop below 21,900 could lead to a sharp decline in the index. On the upside, resistance is seen in the 22,200-22,250 range.
Jatin Gedia, Sharekan
The daily chart shows that Nifty has managed to hold the support zone of 21,900-21,860 as of Friday. The 40-day index average (21970) absorbed the selling pressure. Therefore, until this zone is maintained, we can expect the upward momentum to return. In terms of levels, 22,215-22,250 is the immediate hurdle zone and 21,900-21,860 is important support.
Tejas Shah, Technology Research, JM Financial & BlinkX
Nifty has been finding support near the psychological support level of 22,000 on a closing price basis for the past few days, and there is clearly a tug-of-war between bulls and bears over this make-or-break support level. . In the coming days, she will continue to work on 21,850-22,000 people as a critical support zone.
(Disclaimer: Recommendations, suggestions, views and opinions by experts are their own. They do not represent the views of Economic Times)