The next support is placed at 200-day SMA of 17,368, which coincides with Budget day's low, as breaking this may drag the Nifty towards 17,000 level, whereas the near-term resistance is expected at 17,600 followed by 17,700-17,800
February 27, 2023 / 08:48 AM IST
Nifty may trade in 17,200 to 17,700 zone due to higher volatility.
Nifty may trade in 17,200 to 17,700 zone due to higher volatility.
The market faced severe selling pressure in the week ended February 24 and closed at a four-month low following a hawkish commentary by Fed officials and increase in US bond yields and the dollar index.
The Nifty50 shed 2.67 percent during the week, the biggest weekly loss since June 2022, to close at 17,466 and formed a large, bearish candlestick pattern on the daily charts, with decisively breaking 200-day EMA (exponential moving average 17,590). It also settled below long upward sloping support trendline adjoining the lows of March 2020 and of June 2022.
Hence, the next support is placed at 200-day SMA (simple moving average - 17,368) which coincides with Budget day's low as breaking of the same can drag the Nifty towards 17,000 level, whereas the near-term resistance is expected at 17,600 followed by 17,700-17,800 area, experts said.
"There is a possibility that the index may head towards 17,200-17,100 levels in the coming sessions as 17,700-17,750 will act as a strong resistance," Mitesh Karwa, Research Analyst at Bonanza Portfolio, said.
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