Key Points
The Nifty 50 index closed 0.34 per cent lower after Monday's session at 23,453.80 points, compared to 23,532.70 points at the previous market close...
On the outlook for the Nifty 50 and the Bank Nifty index, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta said, Nifty opened on a positive tone, but continuous selling pressure dampened sentiments, and index settled the day on a negative note at 23,454 levels..
Technically, the index on a daily scale has formed a red candle, indicating weakness. Furthermore, the index has decisively broken its 200-Days exponential moving average (DEMA) support level of roughly 23,540..
This alignment of moving averages suggests a continuation of the bullish trend if supported by further buying pressure., affirming its inherent strength.. While facing a minor resistance at 566 levels, a breakout beyond this threshold could pave the way for further upward momentum..
Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 70.9 levels, indicating a favourable balance between buying and selling pressures..
You might be interested in
Stock market today: Day trading guide for Nifty 50 to Sensex, nine stocks to buy or sell today — 27th March
27, Mar, 24Stocks to buy today: Experts have recommended nine day trading stocks for today — LT, Finolex Industries, Bharti Airtel, Amber Enterprises, TVS Motor, IRFC, Bharat Dynamics, EIH, and Zydus Lifesciences
Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
18, Nov, 23Buy or sell stocks: Sumeet Bagadia has recommended three stocks to buy on Monday — Asian Paints, Dr Reddy's Laboratories and Grasim Industries
Day trading guide for stock market today: Nine stocks to buy or sell on Wednesday — 31st January
31, Jan, 24Day trading stocks: Market experts have recommended nine stocks to buy today — Maharashtra Gas Limited, PNCINFRA, Paytm, Ashoka, Himatsingka Seide, Data Patterns, BDL, WABAG and NCLIND
Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — 3rd July
01, Jul, 23Buy or sell stocks: Sumeet Bagadia has recommended three stocks to buy next week — Marico, Hero MotoCorp and Infosys
Stocks to buy this week: Experts suggest these nine technical picks; do you own any?
17, Jul, 23The Nifty50 and Sensex reached new all-time highs on Monday, driven by sustained capital inflow from foreign portfolio investors and positive economic outlook.
Day trading guide for stock market today: Nine stocks to buy or sell on Wednesday — 21st February
21, Feb, 24Stock market today: Nifty bounced back into positive territory and made yet another new high above 22200 zone.
Stocks to buy: HAL, M&M, RIL among six stocks to buy for the short term
02, May, 23The market is witnessing positive momentum however, the short term outlook remains hazy. Analysts recommend following a stock-specific approach in this market. Based on the recommendations of several analysts, here are six stocks that look attractive on technical charts. Take a look.
Day trading guide for stock market today: Nine stocks to buy or sell on Thursday — 8th February
08, Feb, 24Day trading stocks: Market experts have recommended nine stocks to buy today — JSW Steel, IndiaMart, HDFC Life, McDowell-N, Likhitha Infrastructure, Mrs. Bectors Food, NIIT, Chambal Fertilizer, and CDSL