Tech View: Market sentiment favours bearish bets. Here’s what traders should do on Friday
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The smaller degree of higher tops and bottoms is intact on the daily chart and the recent unfilled opening upside gap around 19,250 levels could offer support for the market during the present consolidation to form a higher bottom, said Nagaraj Shetti of HDFC Securities.
On the derivative front, the strike of 19,400 saw the addition and highest call open interest build up, indicating immediate support.
What should traders do? Here’s what analysts said:
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty failed to cross the previous day’s high on November 9 and seems to have formed a minor or intermediate top. Although the high-low range of the Nifty was small at 85 points, Nifty did not show any major upward strength during the day. Nifty could stay in the 19,464-19,276 band in the near term with a weak bias.
Rupak De, LKP Securities
Nifty has slipped a bit lower as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening bullish sentiment. Moreover, the index slipped back below 21EMA after a brief stay above the critical near-term moving average, which indicates a failed bullish reversal. The sentiment now favors a bearish bet as long as the Nifty remains below 19,500. All rallies till 19,500 are likely to be sold into. On the lower end, support is placed at 19,300, below which a serious correction may happen in the market.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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