Key Points
Nifty 50s short-term trend is still bullish, despite recent non-directional movement. 18,300 is a key support zone to watch for traders...
The benchmark indices witnessed profit booking at higher levels, Nifty ended 34 points higher while the Sensex was up by 18 points..
Among sectors, the metal index continued to be outperformed, rallied over 2.5 percent whereas selective IT stocks registered profit booking at higher levels..
However, the short term formation is still on the bullish side.. Technically, on daily charts, the index has formed a Hammer candlestick reversal formation, which indicates strong possibility of temporary weakness. We are of the view that, the short term market texture is non directional and level based trading would be the ideal strategy for the day traders...
Additionally, the formation of a bullish engulfing candlestick pattern with rising volume suggests a strong up move in the counter...
You might be interested in
Nifty faces strong resistance at 18,446: Analysts
22, May, 23Nifty has a strong base around 18,050, which also coincides with the support zone of the short-term moving average. Its sustainability would fuel gradual recovery and help the index to retest 18,500- 18,700. In case of a breakdown, 17,850 would offer cushion.
Market texture bullish but mildly overbought, Nifty support at 18050-18000; M&M, HCL Tech among top stocks to buy
03, May, 23For the short term, 18050-18000/61000-60800 would be the key support zone for Nifty and Sensex while 18200-18250/61500-61700 would act as an immediate hurdle.
Ravi Nathani recommends to buy IT, FMCG stocks on dips; Avoid metals
14, Mar, 23With an view to capitalize on a potential technical bounce the technical analyst advises traders to adopt a buying strategy near the support price
Support above 18,900 can take Nifty to 19,700: Analysts
03, Jul, 23Chart patterns suggest that the zone of 18,900-18,950 for the Nifty will be strong support going forward. Until the index sustains above the level of 18,900, we may witness the continuation of this strong momentum up to the level of 19,450-19,500. However, if the index slips below 18,900, profit booking up to 18,650-18,500 could be witnessed. Options data suggest a broader trading range of 18,900-19,500 for the upcoming week.
Tech View: 22,000 next stop for Nifty bulls. What traders should do on Friday
28, Dec, 23Nifty on Thursday ended 124 points higher and crossed the 21,800 level for the first time to form a reasonable positive candle at the highs and indicate an uptrend continuation pattern.
Share Market outlook today: Nifty could touch fresh highs, Bank Nifty consolidating; check support, resistance
22, Jun, 23Market experts suggested that Nifty 50 could move to fresh lifetime highs, with 19,000 emerging as a viable target.
Traders should keep a close eye on 17,315 on the Nifty: Ravi Nathani
13, Mar, 23The technical analyst sees 17315 as a critical support level for the near term
Nifty Bank closes higher but below 46,400. Experts recommend ‘buy on dips’
16, Feb, 24Federal Bank, IDFC First Bank, IndusInd Bank, PNB, ICICI Bank were top gains while SBI, Axis Bank, Kotak Mahindra Bank and AU Small Finance Bank were top losers.
Nifty could see a pause with support at 21,680: Analysts
12, Feb, 24Nifty had resisted twice around 22,127 and is yet to surpass that hurdle where a trend reversal candlestick pattern was formed. The index has not yet negated the pattern, and negative RSI divergence is also visible in the midcap Index.
Nifty likely to see further downside: Analysts
28, Aug, 23Bharti Airtel, Federal Bank, Godrej Consumer, Persistent Systems, Century Textiles and Castrol has formed bullish trends on the charts.