Technical View: The Nifty 50 lost the previous day’s lead. The index closed down 0.8 percent on 22 May. The index has seen a decline in four of the last five sessions since recently reached a high of 25,116. Despite the fall, the index was managed to defend both the midline of the 20-day EMA (24,470) and the Bollinger band (24,524) on the Closing Base. However, it closed below the 10-day EMA (24,692) with a volume above average. Experts have warned that if the index decisively breaks below the level of 24,450, the existing uptrend may reversed. At the top, a pullback can be seen in it above 24,750–24,800 zones. This is followed by 25,000 next major level which should be monitored.
The Nifty opened at 24,734 and opened under pressure during the entire session. It reached the intraday low of 24,462. It reduced some damage in the last hour of trading and closed down 204 points to close at 24,610. The index made a bearish candle with lower shadow on the daily chart. This pattern increases the possibility of by -interest and short -do pullbacks at lower levels.
How can the Nifty move on Friday 23 May
Nagraj Shetty of HDFC Securities According to, the market needs to appear more moves to confirm the high bottom reversal pattern in the market.
He said that according to the change in the Pollarity Principal, support is around the zone of 24,500-24,450. He said, “A permanent bounce above a significant resistance of 24,800–24,900 can confirm the end of the short-term decline. This can lead to a bounce in the market. The immediate support in the index is at 24,450.”
Srikanth Chauhan of Kotak Securities said that the texture of the Intrade Market remains weak. A fresh selling can occur only when the index has a breakout below the level of 24,450.
Bazaar in market, yet veterans put bets on Adani Green, Trent, Eternal and ITC hotels, know target price
How can the bank Nifty move on Friday 23 May
Bank Nifty maintained important support. The index closed at the lowest level of the day. Bank Nifty reduced losses from the intraday low of 54,577 and fell 134 points to close at 54,941. It created a small bullish candle with a long lower shadow on the daily time frame. This pattern is indicating good by -interest at the lower levels. The index defended both the Midline of the Bollinger Band (54,940) and the 20-Day EMA (54,607).
Anshul Jain of Lakshmishree Investments Said, “For a continuous bounce, the index should stand above 55,100, only then can the fiery a target of 55,500.” “Till then, the structure remains weak, and the 54,442.3 swing remains a logical target for the retardation.”
Meanwhile, the fear measuring index India Wicks came down after a three -day rift. But remained at a high level. It fell 1.65 percent to 17.26, indicating that the stunning should be cautious amidst the current instability.
(Disclaimer: The ideas and investment advice on Moneycontrol.com have their own personal views and opinions. Moneycontrol advises users to consult certified experts before making any investment decisions.)
Be First to Comment