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Market Slips From Record High To Close In The Red Amid Volatility.Nifty Slips 105 Points To 15635 After A Trading Range Of 233 Points. The Sensex Falls 405 Points To 51871 & Banknfity 285 Points To 34801. Nifty declined sharply for the day as Nifty was not able to hold on to the gains seen in last couple of weeks. Nifty saw a long red candle and the way Nifty has declined it bears to reason that one must take precautions to at least reduce some open trades.
Nifty saw a long red candle that was wider than several preceding several candles which prompts us to believe that sellers were in control of the stock. The price action in Nifty suggests 15600-15500 is a crucial support for the index. The underlying current is bullish and notwithstanding a couple of days of decline, the index should move higher. The oscillators are in a buy mode as MACD is above a signal line. RSI continues to trade above 60. Markets do not move in a straight line but they oscillate. Nifty may see a decline towards 15,00 and stabilize at lower levels. The undercurrent is strong and Nifty should bounce once selling is done. On the upside, Nifty needs to break above 15850-15950 for the rally to see higher levels.
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Resistance: 15850, 15900, 15950
Support: 15600, 15550, 15500
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