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Tech View: Nifty varieties lengthy bull candle, might take a look at 24,580-24,640. Here’s commerce on Wednesday

Jul 9, 2024 | blog

Nifty on Tuesday ended 113 factors larger to type a protracted bull candle on the day by day chart and in addition hit a recent file excessive intraday.

The underlying development of Nifty continues to be constructive. Having moved above the important thing overhead resistance of 24,400 ranges (1.618% Fibonacci extension), the Nifty may now advance in the direction of one other essential resistance of 24,960 ranges (1.786% Fibonacci extension) within the close to time period. Immediate assist is at 24,250 ranges, mentioned Nagaraj Shetti of HDFC Securities.

Open Interest (OI) knowledge confirmed that on the decision facet, the very best OI was noticed at 24,800 and 25,000 strike costs. On the put facet, the very best OI was at 24,000 strike worth.

What ought to merchants do? Here’s what analysts mentioned:

Om Mehra, Technical Analyst, SAMCO Securities

The index is well-supported by the 10-day transferring common of round 24,200. Trading inside a broad rising channel, marked by larger highs and better lows, which shows a robust main development. The index swiftly recovered regardless of a 23.6% retracement and moved larger. Nifty is anticipated to check the vary of 24,580–24,640 within the upcoming session.

Rupak De, Senior Technical Analyst, LKP Securities

Nifty remained sturdy all through the day, holding the assist stage of 24,300. The sentiment is prone to stay constructive so long as it stays above 24,300, the place vital put writing has occurred. On the upper finish, the 24,500-24,600 vary may act as a direct resistance zone. Overall, the sentiment might proceed to favor the bulls within the close to time period until the index falls beneath 24,300.

Jatin Gedia, Sharekhan

On the day by day charts, we are able to observe that the Nifty closed above 24,400 suggesting that there’s prone to be extra upside over the subsequent few buying and selling periods. The subsequent goal of the upside is 24,610, which is the 161.82% fibonacci retracement stage of the earlier fall and in addition the day by day higher Bollinger band.(Disclaimer: Recommendations, options, views and opinions given by the specialists are their very own. These don’t signify the views of The Economic Times)

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