The Nifty 50 remained in the grip of bears, falling 0.86 percent on September 9 and extending its downtrend for the third straight session, as technical and momentum indicators signalled further weakness. Rising oil prices, driven by escalating tensions in the Middle East and crossing the $100-a-barrel mark, along with a spike in US 10-year Treasury yields to multi-year highs, also weighed on market sentiment. Against this backdrop, experts see the possibility of the Nifty 50 falling towards 23,300, followed by 23,070, which is likely to act as a crucial support level. However, in case of a bounce-back, the 23,500–23,600 zone could act as an immediate hurdle in the short term. Experts advise following a sell-on-rise strategy.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 23,532, 23,565, and 23,618
Support based on pivot points: 23,425, 23,392, and 23,338
Special Formation: The Nifty 50 formed a red candle with an upper shadow after opening gap-down, indicating selling pressure at higher levels. All key moving averages are sloping downward, while the RSI dropped to 26.44, entering oversold territory. The MACD line extended its decline, with the red histogram bar expanding for the third consecutive session. These indicators point to further weakness in the near term.