Nifty 50 closed lower due to state-run banks, while S&P BSE Sensex closed slightly higher. Analysts suggest selling if Nifty breaches 22348 or rises to 22570-22620. US markets rose on Fed rate cut hopes.
The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of IRFC, Oracle Financial Services Software, Bank of Maharashtra, eClerx Services, Latent View Analytic, and HCL Tech, among others.
Rupak De, Senior Technical analyst at LKP Securities, said, "The short-term trend remains strong as the index sustains above critical moving averages on the daily timeframe. A "buy on dips" strategy is favored as long as it remains above 19,550. On the higher end, it might move towards 20,000-20,200."