A temporary pullback and consolidation remains a probable scenario: Anu Jain

Anu Jain, Head – Broking, IIFL Wealth | In the short-term we expect Index prices to remain volatile with Thursday’s low (16203) as an important level to watch. Prices have given a negative confirmation with a break below the multiple support zone of 16800-16900 coinciding with the 200-day Moving average which on the upside could act as immediate resistance. In the short-term sustainability below 16400 would indicate weakness for 15900 levels & broad range for the market could be 15800-17050 levels. Global Markets have retraced back to important support levels and a temporary pullback and consolidation remains a probable scenario.

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