“23,000 is a support level that we are looking at and on the upside 23,500 is the resistance that we are looking at. Although if it fails to hold 23,000, we could see a more downside move towards 22,650 levels. Now, this is the range and the band coming out for Nifty,” says Shivangi Sarda, … Read more
After breaking above a 13-day consolidation band, TCS shares have earned the right to not limit the present upmove to just a one day surge but can rally to Rs 4315-4350 in the base case scenario and Rs 4588 in an optimistic scenario, says Anand James, Chief Market Strategist, Geojit Financial Services. Edited excerpts from … Read more
The Nifty formed an Inside Bar candle on the daily chart on Tuesday, closing near the 23,700 mark. However, market sentiment remains cautious. A breach below the 23,600 level could lead to further corrections towards 23,400 and 23,000, identified as immediate support levels. On the upside, resistance is pegged at 23,800 and 24,000. Technical indicators … Read more
As the Nifty 50 index closed below the crucial 200-DEMA on Monday, technical indicators present a mixed outlook for the market. The Relative Strength Index (RSI) currently stands at 40.7 — trending downward and indicating bearish momentum. In contrast, the Stochastic RSI showed a bullish crossover, hinting at a potential short-term recovery. This divergence in … Read more
Nifty, on Monday, formed a reasonable negative candle on the daily chart with an upper shadow. Technically, this market action indicates an attempt for a downside breakout of the range movement. This is not a good sign and signals more weakness ahead. The crucial support of the 200-day EMA has been violated again at the … Read more
Indian benchmark indices ended on a positive note on Friday (Friday, December 27) aided by buying trends in auto, FMCG and bank stocks. While the S&P BSE Sensex settled at 78,699.07, up by 226.59 points or 0.29%, the broader Nifty closed at 23,813.40, higher by 63.20 points or 0.27%. Commenting on the day’s action, expert … Read more
The formation of a strong bearish candle on Nifty’s weekly chart certainly showcases a turnaround move, with bounces to be seen as opportunities to exit longs. As Nifty slipped below the pivotal zone of 200 SMA on Friday, the next potential support could be seen around the recent swing low of around 23,200-23,100, while a … Read more
Nifty found support near its recent low of 23,870 and formed a green candle on the daily chart on Thursday, indicating recovery. The 200-day Simple Moving Average (200-DSMA) is positioned near 23,825, making the 23,800-23,825 zone a strong, short-term demand area. On the upside, the recent breakdown point of 24,180 will act as an immediate … Read more
After opening on a negative note, the market continued to slide down for the better part of the session on Tuesday. Minor intraday upside recoveries have been used for sell- on-rise and Nifty finally closed at the lows. A long bear candle was formed on Nifty’s daily chart on Tuesday, which has almost erased the … Read more
A small negative candle was formed on the Nifty daily chart on Monday with minor upper and lower shadows. Technically, this market action indicates a breather-type pattern after a sharp rise. Therefore, the near-term uptrend of Nifty remains intact. However, the index has closed below its 100 DEMA on Monday. Nifty, as per long-term charts … Read more