Two straight sessions of gains have lifted sentiment, but Rohit Srivastava, Founder of Strike Money Analytics and Indiacharts, is not reading it as a trend change. "This bounce still looks like a counter-trend move in the decline we have been seeing since the start of May," he said in an interview with ET Now. "We still cannot say with certainty that we are out of the woods."
His technical roadmap: the Nifty can stretch toward 23,880, roughly the 20-day moving average, but is likely to face selling pressure somewhere in that zone before turning lower again. The next meaningful test is 23,350, which he identifies as a critical support level that will determine the market's next directional move.
"I will put odds on it breaking lower than 23,350 and heading somewhere below 23,000," says Srivastava
