Markets may correct for now
The benchmark indices have corrected for four straight days. If technical analysts are to be believed, the markets look poised to extend their losing streak. “A reasonable negative candle was formed with minor upper and lower shadow. Technically, this pattern indicates a continuation of weakness amid a range movement or volatility,” says Nagaraj Shetti, technical research analyst, HDFC Securities. The Nifty50 index on Friday ended 14,982. “A decisive move below 14,950 could result in more weakness down to 14,700-14,500 levels in the near term. Immediate resistance is placed at 15,115,” adds Shetti.
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