The consolidation is a brief pause in the overall uptrend, and we expect the up move to resume during the coming week, says Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
BSE's Sesnex dropped 195.16 points, or 0.26 per cent, to settle at 73,677.13. NSE's Nifty50 index shed 49.30 points, or 0.22 per cent, to end the session 22,356.30 for the day.
From here on, if Nifty has to sustain at higher levels, contribution from the heavyweight banking space is a must. Since it is struggling around the bearish gap, it is better to wait for further clarification to project higher levels in Nifty, says Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One.