Nifty has been finding support on the downward sloping trend line, adjoining previous swing highs on the daily charts - HDFC Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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
Tag News
Nifty registers best week in 2 months after rising for 6 consecutive sessions
