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Technical View: Nifty forms bearish candle, 14,900 crucial for rebound towards 15,100

Considering strong moves in the last two trading sessions in both directions, traders should sit on the fence without taking any directional bets, Mazhar Mohammad of Chartviewindia has said.

March 31, 2021 / 04:33 PM IST

The Nifty50, after a two-day rally, found itself in a bear trap and remained under selling pressure throughout the last session of the financial year 2020-21, as weak global cues weighed on the sentiment on March 31.

After opening lower at 14,811.85, the Nifty traded in a range of 14,813.75-14,670.25 with a negative bias. It ended the day at 14,690.70, down 154.40 points or 1.04 percent.

The index formed a bearish candle on the daily charts as the closing was lower than opening levels. Experts expect the index to remain rangebound and 14,900 will be crucial for an upside towards 15,100.

Considering the strong moves of the last two trading sessions in both directions, traders should sit on the fence without taking any directional bet, Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia told Moneycontrol.