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Nifty could face further selling this week: Analysts
Most technical charts suggest weakness will continue this week. L&T, ABB, Cummins India , ONGC, Oil India, UltraTech Elgi Equipments , and Godrej Consumer are some stocks showing bullish patterns on charts. However, the recent price action could be seen as constructive development for our markets as the index is hovering above the sloping trend line and has also attempted to transcend the sturdy hurdle of 18,000 after two weeks of consolidation. Traders can short for a short-term target of Rs 105.5 with strict stop at Rs 111.2.TECHNICAL & DERIVATIVES ANALYST, ASHIKA STOCK BROKINGNifty is standing at the strong polarity support, failing to hold which the index is likely to see further price correction towards 17,000-17,200. Even on the weekly scale, the index has formed an indecisive bar as it continues to oscillate in the 18,200-17,800 zone, and only a breakout of this range can give directional bias. Source -https://economictimes.indiatimes.com/markets/stocks/news/nifty-could-face-further-selling-this-week-analysts/articleshow/98075618.cms #nifty
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