Quote on Market Movement by Akshay Chinchalkar, Head of Research, Axis Securities
Below the Quote on Market Movement by Akshay Chinchalkar, Head of Research, Axis Securities
“Speaking technicals for the Nifty, the index finished lower on Friday but the recovery traced a candle with a long lower shadow, showing demand at the session lows. The 23396 - 23471 area will be the first hurdle to any rally attempt, while support remains anchored in the 23048 to 23106 zone. This week represents an important time-window for bulls and bears alike, so its a crucial week that will set the tone for the Nifty's tactical trend. Meanwhile, the smallcap and midcap benchmarks were up for four straight days through Friday, the longest such winning streak since 11th December, which means sentiment is starting to pivot more toward risk-on than risk-off”.
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