Rupak De, Senior Technical analyst at LKP Securities on Thursday said that the sentiment now favors a bearish bet as long as the Nifty remains below 19,500, all rallies till 19,500 are likely to be sold.
The Nifty has slipped a bit lower as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening bullish sentiment. Moreover, the index slipped back below 21EMA after a brief stay above the critical near-term moving average, which indicates a failed bullish reversal.
He said that on the lower end, support is placed at 19,300, below which a serious correction may happen in the market.
Vinod Nair, Head of Research at Geojit Financial Services said reflecting the mixed global sentiments, the Indian market is mired to a range bound trend with the Nifty index not able to breach above the key level of 19,500.
Cues from the Fed Chair’s speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market, he said.
FII selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown. Mid-and small caps are back in favour after the recent fall, led by retail activities and good corporate results, he said.
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