Business & Investment

Nifty: Tech View: Nifty50 forms bearish candles and is likely to integrate

Nifty50 We formed a bearish candle on the daily chart on Wednesday, but continued to form higher highs and lows. The index closed with an index moving average of almost 5 days. Analysts said the index may see some integrations in the next few days.

On the day, Nifty50 fell 57.45 points (0.31%) and closed at 18,210.95. Sharekhan’s Gaurav Ratnaparkhi said the index faced pressure during the day as it approached a 61.8% retracement in the recent fall.

“The rise of the last few sessions shows an overlapping structure on the hourly chart. This means that it is part of the integration process. On the downside, the Nifty50 can get support. You can revisit the expected 18,000 important marks. Near 20-DMA. At highs, Wednesday’s high of 18,342 acts as a short-term barrier. Overall, the Nifty 50 will continue its short-term integration. It is expected. ”

According to Mazhar Mohammad of Chartviewindia.in, Nifty50 is expected to be even weaker if it falls below 18,099 in the next trading session after profits on Wednesday.

“If you stay below 18,099, the index can be dragged to a low of 17,968. Conversely, if the index exceeds 18,342, it’s during the day. You can expect strength. ”

Independent analyst Manish Shah said he would continue to pay attention to the market and wait for a $ 18,350 resistance.

“Nifty50 support is 17,950. If this support is removed, it could drop to 17,800 or less. With the expiration of Thursday October, Nifty50 is expected to continue to be suppressed. One day or one day. It may be traded within the range of two people, “Shah said.

Nifty: Tech View: Nifty50 forms bearish candles and is likely to integrate

https://economictimes.indiatimes.com/markets/stocks/earnings/tech-view-nifty50-forms-bearish-candle-consolidation-likely/articleshow/87311615.cms Nifty: Tech View: Nifty50 forms bearish candles and is likely to integrate

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