F&O Talk: Nifty indicating little evidence of sustained recovery, says Sudeep Shah; outlines BSE, Groww strategy amid CAS
Nifty faces continued bearish pressure after a fourth weekly decline, with 23,750-23,700 as crucial support and 24,150-24,200 resistance. Analysts expect volatility to stay subdued, while Bank Nifty remains range-bound. BSE, Groww and Angel One also await decisive breakouts for direction.
The Indian stock market closed in the green on Friday, with the Sensex gaining 363 points to close at 76,515 and the Nifty 50 rising over 24 points to end below 23,898. However, technical analysis suggests that there is little evidence of a sustained recovery, as Nifty is trading below its short and long-term moving averages and the 20, 50, and 100-day EMAs are edging lower.
Analyst Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, highlighted the importance of the 23,750-23,700 support zone, which is the 61.8% Fibonacci retracement of the previous upmove from 23,070 to 24,774. A sustained break below this level could intensify the correction towards 23,500 and 23,300, while a move above the 24,150-24,200 hurdle could bring stability back to the index.
Brief written by urgent.news from The Economic Times - Top News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
