Tech View: Nifty forms Shooting Star candle. What should traders do on Thursday

Tech View: Nifty forms Shooting Star candle. What should traders do on Thursday

Nifty on Tuesday ended about 39 points lower to form a Shooting Star pattern on the daily chart to indicate a strong possibility of further weakness from current levels. The short-term moving averages are just below the price action and should continue to support the indices on any decline. Support for Nifty is now seen … Read more

Tech View: Nifty forms long bull candle. What traders should do on Tuesday

Tech View: Nifty forms long bull candle. What traders should do on Tuesday

Nifty on Monday ended 223 points higher to form a long bull candle on the daily chart as it challenged the crucial hurdle of 22,500 levels. The short-term uptrend of Nifty seems to have resumed after one day of weakness. The next upside levels to be watched are around 22,800-22,900. Immediate support is at 22,500, … Read more

Tech View: Nifty forms bullish reversal pattern. What traders should do next week

Tech View: Nifty forms bullish reversal pattern. What traders should do next week

Nifty on Friday ended 151 points higher after four successive days of decline and formed a bullish reversal pattern on the daily chart. The psychological mark of 22,000 holds intermediate support, followed by strong support of the 21,800-21,700 subzone. On the higher end, the 20-DEMA placed at 22,300, followed by a bearish gap of 22,430-22,500, … Read more

Tech View: Nifty charts hint at recovery from support levels. What should traders do on Thursday

Tech View: Nifty charts hint at recovery from support levels. What should traders do on Thursday

Nifty on Tuesday ended 125 points lower to form a bearish candle on the daily chart as it recorded losses for the third straight session. The short-term trend remains weak. But, having placed near the cluster support of around 22,000 levels, one may expect an upside bounce from the lows in coming sessions. Immediate resistance … Read more

Tech View: Nifty forms Doji candle on weekly charts. What should traders do next week

Tech View: Nifty forms Doji candle on weekly charts. What should traders do next week

Nifty on Friday ended 234 points lower to form a Doji candle on the weekly scale. On the daily charts, the index closed below the lows of the previous 3 trading sessions which indicates weakness. The index is in the process of retracing the rise it has witnessed from 22,710–22,776. The next crucial support level … Read more

Tech View: Nifty forms high wave candle. What traders should do on Friday

Tech View: Nifty forms high wave candle. What traders should do on Friday

Nifty on Wednesday formed a high wave type candle on the daily chart as it ended the session 111 points higher. Nifty is currently placed at the hurdle of around 22,800 levels (ascending resistance trend line and 1.618% Fibonacci extension). Though Nifty placed near the hurdle, still there is no sign of any reversal forming … Read more

Tech View: Nifty may consolidate within a range. What traders should do on Tuesday

Tech View: Nifty may consolidate within a range. What traders should do on Tuesday

Nifty on Monday ended 153 points higher to form a green candle on the daily chart while registering a new all-time high. Positive chart patterns like higher tops and bottoms are intact as per the daily chart, and the present upmove is in line with the new higher top formation of the pattern. The short-term … Read more

Tech View: Nifty 50 in consolidation mode; what’s the trade set-up for next week?

Tech View: Nifty 50 in consolidation mode; what’s the trade set-up for next week?

It turned out to be a rather listless session for domestic equities, with the Nifty 50 ended flat as the Reserve Bank of India’s policy announcements had no major fireworks. The central bank left policy rates unchanged and also retained its stance of focussing on withdrawal of accommodation. The Nifty 50 ended flat at 22513.70 … Read more

Tech View: Nifty showing non-directional trend on charts; what should traders do on Thursday

Tech View: Nifty showing non-directional trend on charts; what should traders do on Thursday

The Nifty 50 ended on a flat note after a volatile session on Wednesday as mixed cues from global markets triggered profit booking. Rollover of positions to the May derivative series ahead of the expiry of the April series added to the volatility. While Nifty 50 ended flat at 22,434.65 points, it has formed a … Read more

Tech View: Nifty forms Doji candle. What should traders do on Tuesday

Tech View: Nifty forms Doji candle. What should traders do on Tuesday

Nifty on Monday ended 135 points higher to form a Doji candle on the daily chart with the index trying to break above the crucial overhead resistance of 22,500-22,550 levels. Though Nifty is now placed at the crucial hurdle of around 22,500 levels, the overall chart pattern remains positive and we are unlikely to see … Read more