INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 dropped to its lowest level in three months on Wednesday and in the process formed a be arish candle on the daily
It could not touch the 11,000 level throughout the session.
Chances of the index drifting lower are higher, while the upside looks largely
capped at 11,045 level, which is its 100-day moving averages
The 10,800 level could emerge as key support for the index.
The index witnessed a monthly breakout failure, which resulted in selling
pressure, said Sahaj Agrawal, Vice-President for derivatives at Kotak Securities
The expert sees resistance for the index in the 11,000-11,100 range.
For the day, the index fell 150.05 points, or 1.36 per cent, to 10,858
sizable bearish candle, but remained restricted within the high-low range of the previous session, indicating lack of strength on either
The index is facing stiff resistance around its 100-day SMA (11,045), which remains a crucial resistance zone
course of action for the market, Ratnaparkhi said.
Chandan Taparia of Motilal Oswal Securities said the index traded in the deep oversold
