NEW DELHI: The Nifty fell for the second straight session on Friday, but respected the crucial support of the 10,000 mark, forming a candle like Bearish Belt Hold on the daily chart.
However, it is just a matter of time that the index tests the 9,950 level, say analysts.
For the day, the NSE index lost 94.90 points, or 0.94 per cent, to 10,030 after struggling to hold above 10,100 level many a time during the session. Nonetheless, the index hit a low of 10,004.55 intraday, just short of its key support level.
The index made a strong bear candle on the weekly chart, with the 400-point range pointing towards severity of the correction. As the bulls are unable to make any meaningful recovery, the chances of dipping below 9,950 to complete one corrective structure looks bright in the next couple of trading sessions,” said Mazhar Mohammad of Chartviewindia.in.
Mohammad advised traders to have a neutral stance till some stability surfaces.
According to Nagaraj Shetti of HDFC Securities, the Nifty seemed to have negated the positive elements created by the couple of indecisive Doji patterns recently.
“The Nifty as per weekly timeframe has formed a long bear candle after a small upside bounce in the last couple of weeks. This is negative indication and one may expect some more weakness for the near term. The next levels to be watched for is at 9,950-9,900 levels,” he said.
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