INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Snapping a five-day losing streak, the Nifty50 closed above the 11,050 level on Tuesday and, in the process, formed a Piercing
selling pressure, say analysts
For the day, the index rose 100 points, or 0.91 per cent, to 11,067.
It formed a Piercing Line pattern on the daily scale, as it drifted
11,150 and 11,200 levels offering a fresh shorting opportunity, said Gaurav Ratnaparkhi of Sharekhan.
He noted that hourly momentum
indicators were beaten down and were in the oversold region
is likely should the index break below the immediate support at 10,882, while any further pullback could find resistance at 11,170, said
Subash Gangadharan of HDFC Securities.
Both daily strength indicator RSI and momentum indicator Stochastic are in the negative zone, which
indicates that there would be selling pressure on the higher side, said Rajesh Palviya of Axis Securities.
Mazhar Mohammad of
Chartviewindia.in advised traders to refrain from creating fresh shorts unless some signs of weakness are visible.
