IGI Logo

Daily Technical View on Nifty

* For last four trading sessions, Nifty has been consolidating near 50 days EMA resistance

*50 days EMA resistance is placed at 16680.

* Nifty has been finding support on the downward sloping trend line, adjoining previous swing highs on the daily charts.

* Nifty has managed to hold above the previous swing high support of 16400

* Nifty has partially filled the up gap, formed on 30th May 2022 between 16370 and 16506. Nifty has shown nice recovery after filling the gap.

* Short term moving averages have given bullish crossover on medium term moving averages, which indicates bullish trend for the short term.

* 200 days EMA for Nifty is placed at 16750, which needs to be taken out for the Fresh bullish breakout on the charts

* Indicators and oscillators have been showing strength on the daily charts

* To conclude, there are multiple evidences projecting strong resistance between 16680 and 16750. Above 16750 Nifty is expected to find bullish momentum.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer