Trend to remain bearish as long as Nifty stays below 17,275, Vinay Rajani

The technical analyst from HDFC Securities has buy call on ICICI Prudential Gold ETF and sell call on Mothersonsumi.

Nifty: Bearish Trend Gets the Momentum

From the recent high of 18,115, registered on April 04, 2022, the Nifty has witnessed a fall of 1,300-odd points towards 16,824. The Nifty has given a close slightly above its 200-day EMA, placed at 16,840. At, 16,893, the Nifty has retraced more than 50 per cent of the entire upswing seen from 15,671 to 18,115.

The next support for the Nifty is seen at 16,604, which happens to be the 61.8 per cent retracement of…read more

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