nifty trading analysis-Nifty retreats after 6-day run, 18,000 crucial for direction.....


Technical View | Nifty retreats after 6-day run, 18,000 crucial for direction

The Nifty50 is likely to remain in the range of 18,000 to 18,200. A decisive move above 18,200 may take the index towards 18,500.

The Nifty50 fell for the first time in seven consecutive sessions after witnessing a one-way 600-point rally from 17,550 to 18,150, and closed with moderate gains on May 3. We have seen correction in technology, metal, oil & gas, and select banking & financial services stocks.

The index had opened lower at 18,114 and remained in control of bears amid volatility throughout the session. It closed at 18,090, down 58 points, and formed bearish candle with lower shadow on the daily charts.

The profit booking and cautious trade was on expected lines after the six-day run-up and ahead of the outcome of the two-day Federal Reserve meeting tonight. Considering the trend, this is just a normal retreat and the psychological 18,000-mark is expected to act as a crucial area for further direction, hence if it breaks the same then 17,900-17,800 can be possible levels on the downside, whereas on other side, 18,200-18,500 zone on the higher side can be seen.

Nifty remained mostly rangebound, following a timid start as the investors await Fed rate decision. On the daily chart a small red bodied candle has formed. The sentiment remains positive as the index has sustained above 18,000.

After every healthy rally, a consolidation is always a good sign, he feels. "The Nifty index has a lot of demand right from the 17,850 to 17,500 odd levels. So the downside, if any, currently would face support from this levels.

Keep Healthy and Wealthy Investing.

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