IGI Logo

Below the Quote on Morning Market Movement by Akshay Chinchalkar, Head of Research, Axis Securities

“Nifty had a volatile outing yesterday as a slump post noon saw a recovery in the final hour of trading. The index finished up for the third straight day and in doing so, now has its sights set on a resistance area that falls between 23387 - 23433, which also includes the bearish engulfing candle's high from January 21st. Note that yesterday's peak occurred at the falling 20-day average, which for the day lies near 23300, so that will be the immediate hurdle, which, given Gift nifty's 180-point jump should give way. Support sits near 23108. What's notable is that the December close was 23644, so if we aren't able to close above this level today, it will be the first time since September 2001 that the nifty would have fallen for four successive months”.

Above views are of the author and not of the website kindly read disclaimer