Tech View: As a sell-on-rise strategy is in play, what Nifty traders should do on Thursday expiry

Nifty on Wednesday ended 148 points lower to form a long negative candle on the daily chart placed at the edge of breaking below the immediate support of 10-day EMA.

The positive chart pattern like higher tops and bottoms is intact on the daily chart and the present weakness could be in line with the formation of new higher bottoms of the sequence. A decisive move below 21,500 levels could open the next downside of 21,255 (20-day EMA) and the next 20,980 levels in the near term. Immediate resistance is placed at 21,670, Nagaraj Shetti of HDFC Securities said.