Going ahead, Nifty may face immediate resistance near the 15,850-15,900 range, while support may come in between 15,750 and 15,650 levels, analysts said.
“Despite a 200-point recovery intraday, the advance-decline ratio remained skewed in favour of the bears. Considering the overall technical picture across time frames, upsides from the current levels appear to be limited,” said Mazhar Mohammad at Chartviewindia.in.
Shrikant Chouhan of Kotak Securities said Nifty50 topping the 15,800 mark was completely unexpected. The chart formation suggests a bullish continuation, he said.
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“But for that, the market will first need to consolidate in the 15,850-15,700 range. Once the market starts trading and sustaining above the 15,850 level, it would not be difficult for Nifty to conquer the 16,000 level. Buying is advisable if Nifty drops to the 15,700-720 range,” Chouhan said.
The day saw Nifty50 take support at the immediate support level of 15,600. The index eventually closed at 15,811, up 12.50 points or 0.08 per cent.
Gaurav Ratnaparkhi of Sharekhan said Nifty50 has the potential to form a triangular pattern on the hourly chart. “If that happens, Nifty can dip towards 15,650 level before heading higher. On the higher side, the 15,835 level will act as immediate resistance with an overall short-term target at 16,000,” he said.
Rohit Singre of LKP Securities sees Nifty50’s immediate support in the 15,750-15,650 range. He believes any dip near the said range can be buying opportunity for a Nifty target of 16,000 mark.