Tech View: Nifty above 8 out of 8 SMAs. What investors should do on Thursday

The headline stock index Nifty formed a small bearish candle on the daily charts today as it ended above the 17,500 level. The index is now trading above 8 out of 8 SMAs (simple moving averages), Trendlyne data showed.

Analysts said that the index needs to stay above 17,442 zones for an upward move towards 17,650 and 17,777 zones while placing supports at 17,350 and 17,250 zones.

Options data points to a range shift between 17,200 and 17,800 zones, while an immediate range lies between 17,300 and 17,700 zones, Chandan said

from .

What should traders do? Here’s what analysts said:

Rupak De, Senior Technical Analyst at
The Nifty closed above the previous consolidation high for the second straight day. Expected to remain positive trend as long as index holds above 17,400 crucial support. On the upper end, resistance is seen at 17,700; above 17,700 the index can move towards 17,900. On the lower end, below 17,400, the index could drop towards 17,250.

Ajit Mishra, Vice President – ​​Research, Mediation
Signs point to some consolidation in Nifty and it would be healthy. Meanwhile, the performance of global indices, particularly the US, will remain on the radar. With all sectors contributing to this move, the focus should be more on stock selection while keeping an eye on the prevailing earnings season.

Manish Shah, Independent Trader
Nifty is showing a pattern of higher highs and higher lows and the trend is up. Since Nifty is an outperforming market, any uptrend in US markets will result in Nifty’s improved performance.

The red candle suggests that Nifty could be listless for the next few sessions with two bank holidays next week due to Diwali. The overall trend structure remains up and Nifty remains buy-on declines.

Ruchit Jain, Head of Research,
We could see intraday sell-offs that could lead to higher volatility, but until the index breaks some key supports, we expect the market to trade with a positive bias and anticipate buying interest on dips. The daily chart’s RSI oscillator remains in buy mode, while the hourly chart shows a negative crossover. This only suggests a possible profit booking and as such one should look for buying opportunities on the downside rather than chasing the upside.

(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of The Economic Times) Tech View: Nifty above 8 out of 8 SMAs. What investors should do on Thursday

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