Story thread · 14 reports / 4 sources

Dalal Street Week Ahead: Weak technical setup to keep bulls under pressure

economictimes.indiatimes.com · 2dShare

Nifty remained under sustained pressure through the week and ended in the red, extending the corrective phase for the fifth consecutive week. The index traded in a wide 658.60-point range with selling pressure intensifying after the 23,900–24,000 support zone was violated. Nifty eventually settled at 23,398.10, not far above the weekly low.134125655Volatility also rose, with India VIX up 15.07% for the week to 12.29, reflecting increased risk perception. Nifty ended the week with a loss of 499.60 points (-2.09%).The technical structure has deteriorated following the violation of the important 23,900–24,000 support zone. This area had provided support during the recent consolidation but will now be expected to act as resistance on any pullback. More importantly, Nifty has slipped below its 100-week moving average, currently placed at 24,401, and remains below the 50-week MA at 24,673.This keeps the broader setup defensive. Unless the index manages to reclaim 23,900–24,000 on a closing b

First report: Nifty, Sensex, Nifty Bank outlook for today: GIFT Nifty down 63 points; key levels to watch — businesstoday.in, 5d