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Technical View | Nifty forms long bearish candle but takes support at lower end of 17,800-18,200 range

The sentiment may remain negative below 18,000 and the decisive break below 17,800 can drag the index to 17,700-17,600, with resistance at 18,000-18,200 levels, experts said.

January 25, 2023 / 05:08 PM IST

The market looked too much cautious ahead of Union Budget and FOMC meeting scheduled for next week, as the Nifty50 fell more than 1 percent on January 25, the monthly F&O expiry day. All sectoral indices closed in the red.

Migration from T+2 to T+1 settlement with effect from Friday (January 27) also led to some offloading, experts feel. The index has formed long bearish candle on the daily charts with lower high lower low formation with above average volumes, indicating increasing nervousness among market participants.

The the Nifty50 index started off lower at below 18,100 and remained under pressure throughout the session to hit the day's low of 17,846. Finally it closed way below the psychological 18,000 mark, at 17,892, down 226 points.

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