Tech View: Nifty50 bulls indecisive; upside capped at 15,700

The index appears to be finding some support at 15,380, said Mazhar Mohammad of Chartviewindia.in. This is the lower end of the bullish gap zone registered on June 21, he said, adding that as long as this counter sustains above 15,382 on a closing basis, hopes of a pullback rally remain alive.

“In case Nifty50 manages to get past 15,700, then the pullback swing shall expand into the critical resistance zone of 15,850 – 900 levels,” he said.

For the day, the index closed at 15,556.65, up 143.35 points or 0.93 per cent.

“The Nifty has stepped into a short-term consolidation mode recently and accordingly it is witnessing range-bound action. The index witnessed sharp swings near 15,400-15,600 on June 23. On the higher side, 15,670-15,700, which was earlier acting as a support zone, is now posing as a resistance zone as per the principle of role reversal. The index is facing selling pressure as it is approaching this area. Unless the level of 15,700 gets taken out on a closing basis, expect it to stay in a consolidation mode,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by

.

Nagaraj Shetti of

Securities said the index is placed within a broader high-low range of 15,700-15,350 levels. “There is a possibility of further up move towards the crucial overhead resistance of 15,700 -15,800 levels in the next 1-2 sessions, before showing another round of minor weakness from the highs,” he said.

The index has largely defined a range for itself for the coming week, said Milan Vaishnav, Founder & Technical Analyst at Gemstone Equity Research.

“Reading the monthly options data, the markets are likely to stay in the range of 15,500-16,000. It has a greater chance of testing 15,800 and higher if 15,450 stays protected,” Vaishnav said.

Nifty Bank

Chandan

of Securities said the index moved in a wide range of 32,650 to 33,420, before settling the day near 33,135.

“It formed a Bullish candle on the daily frame with longer shadows, indicating swings throughout the day. It has to hold above 33,000 for an up move towards 33,333 and 33,500 zones. Supports are placed at 32,750 and 32,500 levels,” Taparia said.

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