Tech View: Nifty forms long bull candle on weekly scale. What traders should do on Monday

The headline domestic stock index Nifty formed a bullish candle on the daily chart and a long bullish candle on the weekly charts on Friday, suggesting the bulls could be getting stronger going forward.

“Nifty now needs to hold above 18,000 zones to move up towards 18,350, then 18,500 zones while placing supports at 17,950 and 17,888 zones,” Chandan said

from .

The index held its position above its 200-DMA and the momentum indicator RSI is in a bullish crossover.

Options data suggests a broader range between 17,600-18,600 zones, while an immediate range is between 17,900-18,300 zones.

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

Manish Shah, Independent Trader and Coach
Nifty continues to trade in a tight range and is floating around the 18100-18200 resistance. A break above 18,200 means the rally will continue to 18,600-18,700. As long as Nifty holds above 17,900. Stick to long trades.

Ajit Mishra, Vice President – ​​Research, Mediation
Markets have maintained a positive tone amid the consolidation trend, clearly showing buying interest among participants. While all sectors are contributing to this move, we reiterate our view of staying with the sectors/stocks that are participating in the move rather than the laggards. The hints remain focused on the performance of global indices and profits.

Amol Athawale, Associate Vice President – ​​Technical Research, Kotak Securities
A bullish candle on weekly charts and an uptrend continuation pattern on daily charts are hinting at the continuation of an uptrend in the near future. Technically, as long as Nifty is trading above the 10-day SMA (simple moving average) or 17900, the uptrend wave is likely to continue. Above that, the index could rise to 18300-18500. If the index closes below the 10-day SMA, it could drop to 17,800-17,700.

Nagaraj Shetti, Technical Research Analyst, Securities
Nifty’s short-term trend remains up and the market is now poised to show a decisive move higher above the 18100-18200 hurdle. Further sustained move higher from here should take Nifty towards 18500-18600 near term. Instant support is placed at 17,950 levels.

Nifty is moving in a positive bullish channel, encountering support and resistance along the way.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
On the higher side, 18,200 is a key barrier in the near term. If that isn’t taken out, the index will likely experience near-term consolidation. On the other hand, a break of the 18000 level will turn the structure in favor of the bears. In this case, the Nifty 17800 can test on the bottom. Overall, 17800-18200 will be the short term consolidation area.

(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times) Tech View: Nifty forms long bull candle on weekly scale. What traders should do on Monday

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