Market Trend: On February 12, the Indian Equity Index closed down with a slight decline in a huge trading session on 12 February. At the end of the trading session, the Sensex fell 122.52 points or 0.16 per cent to close at 76,171.08 and the Nifty fell 26.55 points or 0.12 per cent to close at 23,045.25. LKP Securities, Senior Technical Analyst Rupatak Dey says that the Nifty closed with a long legged duji formation after a huge day -to -day. At the lower end, the index received support just above the previous swing. Until the previous low of 22,786 is decisively broken, it is likely that the Nifty may move towards 23,500–23,600 in the near future. The immediate registration for Nifty is at 23,200. While immediate support is at 23,000.
Nagraj Shetty of HDFC Securities Says that after a sharp decline in the last five sessions, the Nifty witnessed good recovery with heavy volatility on Wednesday. At the end of the trading, the Nifty closed down with a slight decline of 26 points. After opening with negative note, the market became even more weak in the early part of the session. Then there was a sharp intrade upside recovery from the lowest levels of about 22800. On the daily chart, a small negative body candle with small upper and long lower shadow has been formed. Technically, this pattern is a sign of the formation of a candle pattern (not a closic) like ‘long legged duji’. This market is an indication of indifference at the low -lying level. Generally, structures such as long -legged duji patterns are indicated by a large decline.
The overall trend of the Nifty is still weak. But on the support of 22800, the formation of good patterns is indicating the possibility of reversal pattern from current levels or slightly low levels. Confirmation of reversal patterns may probably bring a large bounce in the market. Immediate support for Nifty is at the level of 22800. At the same time, going above the level of 23150-23200, the short term in the Nifty can increase further.
Ajit Mishra of Railways Broking It is said that due to continuous selling and mixed results by FII, the market sentiments are being affected. The pressure is further increased by uncertain global signals. From the technical perspective, the Nifty has made a comeback after touching its lower level of 22,800 in January. Staying above this level can provide some relief. However, the broad trend remains negative. Given the current conditions, traders should be cautious and work with a strategy of hedging.
Market Outlook: Market closed in light red mark, know how it can be on February 13
Aditya Gaggar director of progressive shares The Nifty says that the Nifty created a long -legged duji candlestick pattern at the level of 22,800, indicating indiscriminate between bulls and bears. There is a strong support at 22,800 for Nifty, while a large resistance is seen in a zone of 23,200-23,240.
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