A lengthy bear candle was formed, just after the formation of tiny unfavorable candles in the final 4 sessions, which indicate that the downside momentum has began to collect strength. This could imply probabilities of more weakness for the Nifty in the coming sessions. The next vital assistance is placed at 14335, which is an opening upside gap of 2nd Feb that formed just after Union Budget and the vital weekly assistance of 10 week EMA about 14365. Hence, each the assistance levels match intended decline for industry.
The quick term trend of Nifty continues to be unfavorable. The pickup of downside momentum could signal more weakness in the next couple of sessions. The reduced levels to be watched about 14350-14300, which could be accomplished by this or by next week. Immediate resistance is placed at 14800-14850.
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities