Sentiment favours bearish bet as long as Nifty remains below 19,500: Analysts ...Middle East

New Delhi:  Rupak De, Senior Technical analyst at LKP Securities on Thursday said that the sentiment now favors a bearish bet as long as the Nifty remains below 19,500, all rallies till 19,500 are likely to be sold. The Nifty has slipped a bit lower as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening bullish sentiment. Moreover, the index slipped back below 21EMA after a brief stay above the critical near-term moving average, which indicates a failed bullish reversal. He said that on the lower end, support is placed at 19,300, below which a serious correction may happen in the market. Vinod Nair, Head of Research at Geojit Financial Services

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