The Nifty50 formed a long bearish candle on the daily charts o | Chartisticks

The Nifty50 formed a long bearish candle on the daily charts on Thursday as the index ended with a loss of 40.5 points near the 16,800 mark on the monthly expiry day. Making lower highs and lower lows for the seventh consecutive day, the Nifty has faced resistance from its 200-DMA level.

Chart readers said the headline index is trading in a range of 16,750-17,050 levels, and either side breakout will show the direction.

“Till it remains below 16,888 zones, weakness may be seen towards 16,666 and 16,500 zones whereas hurdles are placed at 17,071 and 17,166 zones,” said Chandan Taparia of Motilal Oswal Financial Services.