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Nifty 50 slips below 23,800 as experts point to 6 short-term buys
The Nifty 50 ended 0.5% lower at 23,779, with a potential move toward the 23,600 support level, while analysts cite technical setups in Angel One and BEML for 1 to 2 week trades.
India’s Nifty 50 closed 0.5% lower at 23,779 on Monday, forming a bearish daily setup after slipping decisively below the 23,800 support level, LiveMint Markets reported. Analysts said the index could test the next major support around 23,600, citing a broader bearish pattern of lower highs and lower lows and trading below key short-term moving averages.
According to Vishnu Kant Upadhyay, AVP-Research at Master Capital Services, the short-term chart structure remains bearish, with the market bias tilted toward a sell on rise strategy as long as trading stays below the 24,000 psychological level. He flagged 23,630 to 23,500 as the key support zone, and 23,940 to 24,030 as an immediate resistance area.
LiveMint Markets also highlighted short-term stock picks from experts, including Angel One, which they said showed a strong reversal from a ₹284 horizontal support area and reclaimed key moving averages after a sharp recovery. Upadhyay noted the stock had formed a fresh high above ₹300, with RSI around 57, and said trading above ₹300 could support continuation of the recovery.
For BEML, experts said the shares turned technically positive after breaking above a declining trendline near ₹1,970 on above-average volumes, and that the stock is trading above key short- and long-term moving averages. Upadhyay said sustained trading above the breakout zone could support an upward move, with ₹1,970 to ₹2,000 likely to act as a near-term range.