Going ahead, experts suggest the indices could remain choppy and move sideways till the outcome of Gujarat elections is known on December 18. Outcome of the US Federal Reserve meeting next week is another event they are keeping a tab on.
In the interim, however, they do expect the 50-share Nifty to slip below the 10,000 mark and suggest only investors that have an appetite for risk venture into the markets.
This is how leading brokerages expect the markets to shape up based on technical charts:
ANGEL BROKING
The Nifty has closed at the two-month low on Wednesday, which was very much in-line with our recent expectations. On the daily chart, we initiated ‘sell’ in index around 10380 – 10350 with an anticipation of weakness and now we can see confirmation of short term reversal in the form of ‘Lower Top Lower Bottom’ on daily chart for the first time in last several months.
We are now gaining further conviction over recent bearish stance on the market. Now, it’s a matter of time that we would see index entering into a four-digit territory. For the coming session, 10076 – 10104 would be seen as immediate resistance zone. In case of any extended bounce also, traders are advised not to make any kind of bottom fishing and rather use such relief rallies to exit existing long positions.
PRABHUDAS LILLADHER
Market has continued with its selling and now with the crucial support of 10,080 being broken decisively, Nifty is set to slide towards its next support of 9,900-9,850. The support for the day is seen at 10,000 while resistance is seen at 10,100.
ZEN SECURITIES
For the Nifty 10087, 10131, 10202 are the immediate resistance levels, While 10016, 9989, 9918 are its immediate support levels. For the Sensex 32746, 32895, 33134 are the immediate resistance levels, While 32506, 32416, 32176 are its immediate support levels.
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