Nifty ended its four-session losing streak, closing with minor gains aided by significant buying action in metals, energy and consumer stocks. Nifty traded below the 20 EMA on the hourly chart throughout the day, indicating persistent selling pressure.
Rupak De, Senior Technical Analyst at LKP Securities said the index remained volatile throughout the session as investors stayed uncertain about the market’s near-term direction. "The daily RSI continues to remain in a bearish crossover, suggesting that the negative momentum is still intact. On the upside, the 23,500 zone continues to act as a strong resistance level. In the near term, the index may remain under pressure, while immediate support is placed around 23,150–23,200," De said.
