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Daily Technical View on Nifty

* For last two trading sessions, Nifty has been forming “Doji” candlestick patterns on the daily chart, which indicates indecision after the running correction.

* Nifty is trying to find support on an upward sloping trend line adjoining the swing lows of March 2023 and September 2023.

* 50 days EMA for the Nifty is currently placed at 19553 odd levels. Indicators like RSI, MACD and DMI have been showing sign of weakness in the benchmark index.

* If we apply disparity index of 200 days EMA on Nifty, then we can observe the development of the negative divergence by that oscillator on the daily chart.

* So, for an intermediate bullish trend to hold, Nifty has to sustain above the crucial support of 19550.

* Any level below 19550 could intensify the selling pressure which could drag the Nifty towards the next support of 19300.

* It is advisable to hold long positions with the strict stoploss of 19550 in Nifty spot. On the higher side band of 19800-19850 could offer a resistance in the Nifty

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