Short-term bias for Nifty seems weak, says Subash Gangadharan

The technical & derivative analyst from HDFC Securities recommends buying Chambal Fertilisers and Info Edge

Over the last few weeks, the Nifty has been stuck in a range between the 50-day SMA and 20-day SMA. On the daily chart, we can see that after briefly moving above the 20-day SMA, the Nifty has once again moved below the 20-day SMA on Tuesday.

In the process, the Nifty has corrected and broken its recent supports, implying the short-term bias is weak. The Nifty is likely to drift down further towards the next major supports of 17,905-17,798 in the very near term. Any pullback rallies could find resistance at 18,133.

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