Best News Network

Tech View: Nifty50 crosses 17,350 level, forms bullish candle on daily, weekly charts

NEW DELHI: Nifty50 on Friday crossed the 17,350 level and formed a bullish candle on daily and weekly charts. Analysts said technical charts suggest building up of momentum and that the index can touch 17500-17,600 levels in the short term, they said while hinting support at 17,230 level.

Mazhar Mohammad of Chartviewindia.in said Nifty50 appears to have registered a decisive breakout from its 32-day old descending channel with a close above its 50-day exponential moving average. He said if the index sustains above the 17,238 level, it can head to much higher levels, though initial targets remain close to 17,500.

“Positional traders who are long are advised to hold their horses with a stop below 17,230 level and even fresh buying can be considered on mild dip close to 17,300,” it said.

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

Ruchit Jain of
5paisa.com said Nifty50 resumed the positive momentum and tested the 17,400 mark.

“The banking index which had recently seen an underperformance, witnessed a good buying interest and it surpassed the higher end of its recent consolidation. This certainly bodes well for the bulls. The immediate hurdle for Nifty50 is seen at 17,450 while 17,300 and 17,230 will be key support levels,” Jain said.

Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan said Nifty50 had taken support near the junction of the 4-week EMA and the weekly lower Bollinger Band in the penultimate week.

“Nifty has created headroom for itself. It is now set to test 17,600 on the upside where it had faced resistance in the recent past. The daily upper Bollinger Band is also present near 17,600 and thus making it a crucial level for the short term. On the other hand, the lower end of the recent brief consolidation i.e. 17,150-17,100 will act as a short term support zone,” Ratnaparkhi said.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.