nifty trading analysis

 

The Nifty50 sustains firmly above 17,800, then the Nifty50 can march towards earlier swing high of 17,860 and 17,900-18,000 levels, where there is a possibility of some profit taking, whereas 17,500-17,600 remains crucial support levels.




The Nifty50 finally settled with moderate gains after largely trading with around 50 points range on April 25, forming a Doji sort of candlestick pattern on the daily charts. The pattern indicates the tug of war between bulls and bears for further market trend, while the index has failed to hold on to the 17,800 mark on a closing basis.

The index opened higher at 17,762 and hit an intraday low of 17,717, but recouped losses towards the end of an initial hour and traded higher in the rest of the session. It closed 26 points higher at 17,769, continuing the uptrend and making higher highs and higher lows for the second consecutive session, which is a positive sign.


 If the index sustains firmly above 17,800, then the Nifty50 can march towards the earlier swing high of 17,860 and 17,900-18,000 levels, where there is a possibility of some profit taking, whereas 17,500-17,600 remains crucial support levels.

On daily charts, the Nifty has formed a small Doji candlestick formation which indicates indecisiveness between the bulls and bears. A minor intraday correction is possible, if the index slips below 17,720 and retest the level of 17,670-17,625,

https://www.tradingview.com/x/2AutLxsK

On the flip side, a fresh uptrend wave is possible only after the dismissal of 17,820, and post-breakout the chances of the index hitting 17,900-17,925 would turn bright.


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