The volatility is likely to continue in coming sessions too with support at 17,700 followed by crucial support at 17,550 level, whereas the resistance is expected at 17,800-18,000 area, experts said.
Sunil Shankar Matkar
February 06, 2023 / 05:09 PM IST
The Nifty50 lost ground after a day of sharp rebound and fell half a percent on February 6, tracking weakness in global peers. Traders also turned cautious ahead of the outcome of the Monetary Policy Committee meeting. Selling pressure was seen in metal, technology, and select, banking & financial services, and auto stocks.
The index has formed small inside body bearish candlestick pattern on the daily charts, with taking support at 17,700. The volatility is likely to continue in coming sessions too with support at 17,700 followed by crucial support at 17,550 level, whereas the resistance is expected at 17,800-18,000 area, experts said.
Overall, the index has been trading within the broad trading range of 17,353-17,972 levels formed on Budget day, February 1, for a third consecutive session.
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