INSUBCONTINENT EXCLUSIVE:
Nifty had a rangebound session on Tuesday, as heavy selling during the last half hour of trade gave strength to the bears.
The 50-share
Nifty index, which opened 42 points higher, ended the da y 47 points, or 0.45 per cent, down at 10,301 against the previous close of 10,348
In this process, the benchmark index formed a black candlestick pattern on the daily chart, which did not result in any major formation in
the prevailing market condition
The black candlestick showed that the closing was lower than the opening level.
Market experts said an unabated deprecation in the rupee and
a rise in crude oil prices continued to play as spoilsport
Advisory.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas, said any potential bounce is likely to be a shallow
On the higher side, 10,480 and 10,500 levels shall be the key area for the bounce
On the other hand, breach of the swing low of 10,198 would allow the index to complete the impulse structure without any significant bounce
low of 10,198 will be critical going forward
Fear gauge India VIX fell 1.93 per cent to 19.75
Overall higher volatility suggests a bear grip, but a cooloff in VIX with a topping-out formation could result in a short-term bottom.
The
market is likely to oscillate in a broad range with the 10,198 level expected to act as major support for Nifty
The market is attempting to form a base, but this formation will not get confirmed until Nifty moves past the 11,400 mark, Vaishnav
Motilal Oswal Financial Services.
