Nifty50 is now nearing a lower range of last 14-15 trading sessions at 14,500 levels, which could be a negative sign, said Nagaraj Shetti of HDFC Securities.
Key support levels for the Nifty are placed at 14,850.27, followed by 14,790.03. If the index moves up, the key resistance levels to watch out for are 15,011.17 and 15,111.83.
"If the Nifty goes into an improper correction, there could be a severe short covering above 15,100 levels," Shrikant Chouhan of Kotak Securities says.
Key support levels for the Nifty are placed at 14,877.63 followed by 14,724.27. If the index moves up, key resistance levels to watch out for are 15,260.33 and 15,489.67.
"If the Nifty fails to break the 15,280 level, it may send the market to consolidation zone between 15,000 and 15,280," said Shrikant Chouhan of Kotak Securities.
According to pivot charts, if the index moves up, the key resistance levels to watch out for are 15,174.97 and 15,251.53.
On the lower side, a slide below 14,900 – 14,860 levels can trigger a much-awaited price correction, Rajesh Bhosale of Angel Broking said.
In the coming week, Nifty could be touching 14,750 or 14,550 levels on the lower side, says Shrikant Chouhan of Kotak Securities.
The price action suggests that Nifty is likely to surpass its life-time high of 15,431, for a possible extension towards 15,578, said Abhishek Chinchalkar of FYERS.
The area of 14,920-15,065 is expected to be a crucial resistance zone for the market for short term, said Nagaraj Shetti of HDFC Securities.
Tuesday may be an important day for the market as the dismissal of 14,830 would be extremely positive for the market, said Shrikant Chouhan of Kotak Securities.
According to pivot charts, the key support levels for the Nifty are placed at 14,358.17, followed by 14,187.13. If the index moves up, the key resistance levels are 14,809.87 and 15,090.53.
Shrikant Chouhan of Kotak Securities feels that the index is opening the window of consolidation between the broader range of 15,350 and 14,850 levels.
The next lower levels to be watched are 14,350-14,250 and there is a higher chance of sharp upside bounce emerging from the lows, says Nagaraj Shetti of HDFC Securities.
Key support levels for the Nifty are placed at 14,872, followed by 14,762.2. If the index moves up, the key resistance levels to watch out for are 15,117.8 and 15,253.8.
"Important support to be watched is around 15,000 levels and we expect market to show upside bounce from the lows," said Nagaraj Shetti of HDFC Securities.
On the downside, the 15,240 level would provide major support and dismissing it would lead to short-term weakness in the market, says Nagaraj Shetti of HDFC Securities.
The next upside levels to watch out for is around 15,500 in the next few sessions, and immediate support is placed at 15,200, said Nagaraj Shetti of HDFC Securities.
If the Nifty50 index crosses 15,270 for the 15,500 levels, it would be advisable to buy, said Shrikant Chouhan of Kotak Securities.
One may expect further upside towards 15,257 and higher in the next 1-2 sessions, says Nagaraj Shetti of HDFC Securities.
As long as Nifty shows similar consolidation for the next 1-2 sessions, the odds of sharp upside bounce can't be ruled out, Nagaraj Shetti of HDFC Securities feels.
A decisive move below the support of 15,000 could confirm reversal pattern and that is expected to drag Nifty to further lows, said Nagaraj Shetti of HDFC Securities.
Though the Nifty is placed at an all-time high, there is no indication of any reversal pattern forming at the highs, says Nagaraj Shetti of HDFC Securities.
According to Nagaraj Shetti of HDFC Securities, present volatility and consolidation movement could eventually result in an upside breakout in the next few sessions.
The next upside target to be watched is 15,475 level, which is 1.618 percent Fibonacci extension (taken from the swing high of January 2020 and March 2020 low), said Nagaraj Shetti of HDFC Securities.