INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 fell below the 10,650 mark on Monday, slipping from the 11,000 level in seven days of straight fall
This level was important, as the index had defended it on a closing basis on many occasions since December
Analysts said selling pressure may intensify if the index fails to respect the 10,600-580 range.
Hourly charts suggest the fall has been
upper channel line as well as near key hourly moving averages
Going ahead, the 10,610-10,583 range will be a key support zone to watch out for
An expansion of the daily Bollinger Bands suggests the market could witness accelerated selling once Nifty breaks the support zone on a
Arun Kumar, Market Strategist, Reliance Securities, said a breach of the 10,550-10,580 range on a closing basis could drag Nifty towards
the 10,000-10,300 range.
For the day, the index fell 83 points, or 0.78 per cent, to 10,640
said, adding that supply pressure is intact at higher levels.
Mazhar Mohammad of Chartviewindia.in, meanwhile, advised traders to take a
He believes the near-term trajectory will be downward unless the index swiftly recovers and trades above 10,785
