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Nifty 50 crosses 17,350 level, forms bullish candle on daily, weekly charts

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NEW DELHI: Nifty 50 crossed the 17,350 level on Friday and formed a bullish candle on the daily and weekly charts. Analysts said the technical charts suggest a build-up of momentum and the index may touch 17500-17,600 levels in the near term, they said, indicating support at 17,230 levels.

Mazhar Mohammed Chartviewindia.in said that it looks like Nifty 50 has registered a decisive breakout from its 32-day old descending channel, which is above its 50-day Exponential Moving Average. He added that if the index sustains above the level of 17,238, it may move higher, although the initial target remains close to 17,500.

It added, “Sold traders who are long advised to hold their horses with stops below the level of 17,230 and even a slight downside near 17,300 can be considered fresh buying. could.”

The index closed at 17,354.05, up 150.10 points or 0.87 per cent.

Ruchit Jain
5paisa.com Said Nifty 50 resumed positive momentum and tested 17,400 mark.

“The banking index which recently witnessed an underperformance witnessed a good buying interest and crossed the high end of its recent consolidation. This is definitely a good sign for the bulls. An immediate hurdle for Nifty 50 is seen at 17,450 while 17,300 and 17,230 will be key support levels,” Jain said.

Pride Ratnaparkhi, head of technical research sharekhan Said Nifty 50 had taken support near the junction of 4-week EMA and weekly low Bollinger Bands in the last week.

“Nifty has created headroom for itself. Now it is ready to test 17,600 where it faced resistance in recent days. The daily upper Bollinger band is also present near 17,600 thus making it an important level for the short term. On the other hand, the low end of the recent brief consolidation i.e. 17,150-17,100 will act as a short-term support zone,” Ratnaparkhi said.

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Hassaan Minhas

Hassaan is a journalist at UsamaSpeaks.com and he deals with Latest News, India News, and Tech News. Hassaan is a very professional and authentic news journalist.

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