Trade Setup For Oct 21: Nifty Breaking Below 22,800 Support Can Trigger Another Bear Attack, Analysts Warn
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- ✓The Nifty 50 fell 257 points to close at 22,888 on Monday, ending its two-session winning streak.
- ✓Analysts said a break below 22,800 could trigger more selling.
- ✓"On the downside, a decisive break below 22,800 could trigger renewed selling pressure and weaken the recovery momentum," Ponmudi R of Enrich Money said.
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- India Economy
The Nifty 50 snapped its two-session winning streak on Monday as profit booking dragged the benchmark down 257 points to close at 22,888. The decline followed the recent recovery and raised questions about whether buying momentum can sustain itself amid global uncertainties and elevated crude oil prices.
"Technically, after a muted opening, the market faced consistent selling pressure at higher levels throughout the day. On the daily charts, after a strong uptrend rally it has formed a long bearish candle, indicating temporary weakness from the current levels," said Shrikant Chouhan, head of equity research at Kotak Neo.
"On the upside, the index needs to reclaim and sustain above 23,000, followed by the crucial resistance zone at 23,200-23,300, a sustained breakout above which could strengthen bullish momentum and improve the near-term outlook," said Ponmudi R, CEO of Enrich Money. However, failure to hold above the immediate support could expose the index to renewed selling pressure.
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