Markets May See Short-Term Correction, But Undertone Remains Bullish: Analysts

Since equity markets have seen massive upward momentum in the past few trading sessions, analysts have predicted that some short-term corrections are expected.

“Markets have received some reality checks in the last trading hour. We will keep getting such surprises going ahead, but the undertone will still remain bullish,” Sameet Chavan, head of research, technical and derivatives at Angel Broking, told NDTV Profit on Tuesday.

“In the past three to four days, we have seen timewise consolidation and correction. If we reach 21,500 at the lower level, we may see some sort of price correction,” he said.

According to Rupak De, senior technical analyst at LKP Securities, "A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future."

"Any upward movement towards 21,750 could encounter selling pressure. However, a clear breakout above 21,750 could shift sentiment in favour of the bulls. Support is established at 21,500 on the lower end," De said.