2025-01-16 12:38:35 pm | Source: Axis Securities Ltd
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
“The nifty's bounce yesterday has created a "bullish harami" formation given the Monday drop which is similar to what was seen on January 7 and means that bulls have to push the index through 23340 for a larger advance. The 17th to 23rd January time window is nearing, so support in the 22830 - 23000 area and resistance in the 23355 - 23470 zone will be watched closely. While our prop oscillators on the daily and the weekly continue to be bearish, the former has now entered oversold territory. Any extension of yesterday's rebound needs to hold the Monday low of 23047”
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