Nifty Index Technical Analysis for 25/04/2023

PERSONAL VIEW ON NIFTY  INDEX:

If the Nifty index sustains above 17,700 in the coming sessions, then the swing high of 17,860, seen last week, can be the next resistance, while 17,500-17,600 remains crucial support for the index, As per our Personal Vie

The Nifty closed in on the 17,500 mark helped by an afternoon rally that pushed the benchmark index 119 points higher on April 24, helped by gains in banking & financial services, FMCG and technology names.

  

If the index stays above 17,700, the swing high of 17,860, seen in the previous week, can be the next resistance, whereas 17,500-17,600 area remains a crucial support for the index.

"Technically, Nifty witnessed a breakout of the bullish flag formation, where 17,800–17,860 is an immediate resistance zone for the Nifty; above this, we can expect a rally towards the 18,100–18,200 

 The data indicates that 17,500 is expected to be crucial support, whereas the critical resistance area would be 17,800-18,000.

"The corrective move of the Nifty index has taken support at the 200-day SMA and has swiftly bounced from there. This makes 17,500 a very strong support right now," , said.

The congestion zone, which was between 17,650 and 17,900, has shifted and lies between 17,800 and 18,000. "Until we see a bearish close below 17,500, we can expect the upside to continue,"  

 

 





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