Nifty close below 14,416 would be bearish for short-term: Vinay Rajani

Nifty outlook
 

On May 3, 2021, Nifty bounced back sharply from the day’s low and formed bullish candle on the daily chart. On the same day, Nifty hit a low of 14,416, which happens to be the 61.8 per cent retracement of the entire pullback seen from 14,151 (Low of April 22, 2021) to 15,044 (High of April 29, 2021). Any close below 14,416 would violate the crucial support of the golden ratio and in that case, we can expect Nifty to enter in to a bearish territory. Below 14,416, Nifty could slide towards next support of 14,150. In short