The Nifty50 has been rangebound for the fourth straight session. If the index decisively surpasses 17,800 then 18,000 can be the next possible resistance for the Nifty, with crucial support area of 17,600-17,550 levels, say experts
Sunil Shankar Matkar
February 07, 2023 / 05:12 PM IST
The Nifty50 extended a downtrend for yet another session taking support at 17,700 on February 7, as traders seem to retain a cautious stance ahead of the interest rate decision by Monetary Policy Committee scheduled for February 8.
The index has formed a bearish candle with a long lower shadow on the daily charts, making lower high lower low formation, indicating a bit of weakness in the market while taking support at 17,700 and resistance at 17,800 levels.
Overall, the index has been rangebound for the fourth straight session. If the index decisively surpasses 17,800 then 18,000 can be the next possible resistance for the Nifty, with the crucial support area of 17,600-17,550 levels, experts said.
The Nifty50 opened higher and climbed up to 17,811 but lost all those gains and hit a day’s low of 17,653 in the afternoon. The index tried to recover in the last hour of trade but that also failed and finally settled with 43 points loss at 17,722.
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