On the downside, 38700–38500 is a strong demand zone," Gour said.įIIs and DIIs will be watched, Gour said. Now we can expect a short-covering move towards the 4000 levels. "Banknifty also formed a kind of spinning bottom candlestick formation near the important support level of 38700 and managed to sustain above the 39400 level.
On the downside, 17000 will be the first support level, while 16800 is a critical support level, he added. If Nifty manages to hold these levels, then there is scope for a short-covering rally towards the 1720 levels," Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd said. After five days of selling, it took support from the lower end of the channel and formed a doji candlestick formation, and it respected that level on Friday trading, closing above 17100 levels. "Technically, Nifty has formed a downward-sloping channel by connecting the lower highs and lower lows formations. Consistently unfavourable signs in global markets are encouraging investors to turn to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee's depreciation," Nair said. "Easing US inflation provided confidence that the Fed would not opt for a harsh rate hike of 50 bps and might even consider taking a break during the March meeting. Considering the 50 bps rate hike by the ECB, all eyes will be on the US Fed and Bank of England, which are set to hold their policy meetings next week, Vinod Nair, Head of Research at Geojit Financial services.
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