For NSE Nifty 50, the 23,600 mark would be the key level to watch, according to Amol Athawale, vice president of technical research at Kotak Securities. While above this level, the pullback move could continue till 23,800, he said.
“On the flip side, if the market falls below 23,350, selling pressure is likely to accelerate. Below which, the market could slip to the 23,250-23,100 range,” he said.
If selling pressure persists in the broader markets, any rally in the market is likely to fizzle out quickly, according to Aditya Gaggar, director of Progressive Shares.
“The overall structure of the market is bearish but considering a sharp decline, some relief rally can be expected but once again, the ability to sustain the higher levels remains uncertain,” he said.
The 250-day simple moving average for Bank Nifty is placed near 49,900, which will operate as a powerful barrier for the index, according to Hrishikesh Yedve, assistant vice president, technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd.
“The psychological level of 48,000 will act as support. If Bank Nifty maintains below 49,900 levels, traders are advised to book profits on a bounce,” he said.
