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Nifty could be headed to 11,150 in short term

From a one-week perspective, the markets will probably head higher.

Aug 07, 2019, 07.36 AM IST
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In the short term, the market was oversold.
The market is likely to see a pullback in the short term, with the Nifty likely to rebound to 11,150 after falling nearly 10 per cent from all-time high levels hit in early June, said technical analysts. The Sensex ended up 277 points, or 0.75 per cent, at 36,976.85 on Tuesday and the Nifty gained 85.65 points, or 0.8 per cent, to 10,948.25, led by short covering ahead of the RBI policy. The exodus by foreign investors, on the back of increased taxes on FPIs and lack of stimulus in the budget, continued on Tuesday as well. Technical analysts said 10,800 remains a key support level for the Nifty but added that the longer term trend still remains indecisive and it is too early to say if the bull phase will return for good.

Rohit Srivastava

Fund Manager, PMS, Sharekhan By BNP Paribas

From a one-week perspective, the markets will probably head higher. The market is extremely oversold on several indicators, be it in the advancedecline ratio, Put-Call Ratio and positioning of FIIs. The negative sentiment is overdone. The Nifty may find support near 10,800. If the index gets past 11,030, then it could be headed to 11,200 or higher. There are still risks in the longer term. It is still early to assess whether the big picture has changed.

Rajesh Palviya

Head, Technical And Derivatives, Axis Securities

Short positions were cut on Tuesday ahead of the outcome of the RBI policy. There is no significant long addition in the market. Call writers are still active at 11,000 which is likely to act as a stiff resistance in the near term. For the Bank Nifty, 28,200-28,300 is likely to act as a hurdle. 10,800 is an important level for the Nifty which has been tested three-four times but the index has held at on a closing basis. Till the Nifty does not close above 11,050, the market will be on bearish side. Once we cross that level, buying comfort will come.

Dharmesh Shah

Head, Technical, ICICI Securities

In the short term, the market was oversold. The Nifty should see a bounce to 11,150. The market held on to Monday’s panic low of 10,780 in Tuesday’s session and made a higher-top, higherbottom after 13 trading sessions. It is likely to pull back to 11,150 which is the 200-day moving average and 38 per cent retracement of the fall. Going short is not advisable at current levels.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of

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