Bearish Trend Predicted as Nifty August Series Ends, Analysts Navigate Support and Resistance Levels
As the Nifty August series comes to a close, analysts are predicting a bearish trend for the day, with big moves unlikely. This consensus view is based on the sell-off that occurred after a gap-up opening on Wednesday, which showcased the resilience of the bears. Osho Krishan, Senior Analyst at Angel One, believes that the time-wise correction phase will remain intact due to the formation of a big bearish candle. He sees strong support at 19,300, with a sheet anchor lying around the 19,250-19,200 zone. Krishan also highlights that 19,500 acts as a strong resistance, and only a decisive breakthrough will re-strengthen the undertone.
