nifty50: Tech View: Nifty50 rose for 6th day, lack of margin of safety

NEW DELHI: Nifty50 on Tuesday rose for the sixth day in a row. The index failed to capitalize at the start of the spread and remained range-bound before ending, forming an indecisive candle on a daily scale. No signs of reversal though.

Chartviewindia’s Mazhar Mohammad said: “While momentum is clearly in favor of the bulls, the margin of safety is clearly missing,” said Mazhar Mohammad of Chartviewindia.

“Furthermore, despite the strong gap opening, the intraday trading range remains at 75 points before ending the session with a Doji formation. It is important for the index to sustain above the 17,764 and 17,724 closing below the aforementioned zone could induce selling pressure with an initial target of 17,597. On continuation of the positive momentum, the index could aim for 18,100”, he said.

Smart talk

During the day, the index closed at 17,825.25, up 127.10 points, or 0.72%.

Nagaraj Shetti’s

Stocks say intraday dips have been bought and the opening gap remains unfilled.

“Many upside opening gaps have remained unfilled in the past, signaling continuation of the uptrend. Nifty50 is currently placed at the edge of significant overhead resistance of the downsloping trendline around 17,850. -17,900. This is a positive sign and shows Shetti said.

Bank Nifty
Nifty The bank closed for the day at 39,239.65, up 197 points or 0.5%. Ruchit Jain, Research Team Leader at, indicating that the banking index has formed a Doji candle on the daily chart. That, around its previous high resistance. Although there is no confirmation of the reversal yet, he said, one should reduce the number of long positions and take some money off the table with overbought results around the resistance zone.

This indicator, Kunal Shah – Senior Derivatives & Technical Analyst at

after a spectacular rally that is showing signs of exhaustion.

“However, the profit-taking scenario will only be confirmed on a close below 38,700. The index, if it breaks above 39,500 on a close basis, will extend the rally towards the 40,000-41,000 level,” he said.

(Disclaimer: The recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times)

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