The post CAS price came in 30 points higher at 24,078, eventually ending the day 76.60 points or 0.32 per cent lower.
It formed a sizeable bearish candle and closed just above the rising trendline support connecting the lows of 22,183 and 23,072 made on 2nd April and 11th June, respectively.
This trendline support also coincides with the 61.8 per cent Fibonacci retracement zone of the prior up move from 23606 to 24,774.
Going ahead, the immediate support for Nifty is placed in the 23,950-23,900 zone.
On the upside, the immediate resistance for Nifty is placed in the 24,230-24,250 zone.
Stock Market LIVE: Nifty opened on a weak note and drifted lower to make an intraday low of 24,025.65 before moving in a tight range for the remainder of the session. The index settled at 24,048 (3.15 PM). The post CAS price came in 30 points higher at 24,078, eventually ending the day 76.60 points or 0.32 per cent lower.
Nifty has now posted a negative close for the seventh consecutive session. The index has also filled the 95-point gap created on July 29th. It formed a sizeable bearish candle and closed just above the rising trendline support connecting the lows of 22,183 and 23,072 made on 2nd April and 11th June, respectively. This trendline support also coincides with the 61.8 per cent Fibonacci retracement zone of the prior up move from 23606 to 24,774.
Going ahead, the immediate support for Nifty is placed in the 23,950-23,900 zone. Any sustainable move below this zone could result in Nifty extending its weakness towards 23,750, followed by 23,600 in the short term. On the upside, the immediate resistance for Nifty is placed in the 24,230-24,250 zone.
View by: Sudeep Shah, head - technical and derivatives research at SBI Securities
