INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 on Monday saw selling pressure from the word go
It was not exactly a Hammer, as the length of the lower wick was not twice the size of the real body
Nonetheless, analysts say short-term indicators are in now in the sell mode, suggesting that a correction towards the 11,250 level is in
Sell on rise is the strategy for now, they said
The index could find support around the 11,250 level over the next couple of days
Securities.
For the day, the index fell 102.65 points, or 0.90 per cent, to close at 11,354
Daily strength indicator RSI and momentum indicator Stochastic are both in the bearish mode, which signals profit booking may continue in
level can be the initial sign of strength for the bulls
On the other hand, if the Nifty50 fails to sustain above 11,311, it can continue its slide towards the critical support present in the
bullish gap zone registered on March 12 between 11,227 and 11,187 levels
the upper end of the medium-term rising channel, said Gaurav Ratnaparkhi of Sharekhan
Structurally, the benchmark is in for a significant correction
