Page 37 - Technical Analyst News Today

The anticipated Bitcoin (CRYPTO: BTC) halving event, set for April 2024, is generating a mix of optimistic and pessimistic predictions regarding its impact on apex crypto's prices.

As for Bank Nifty, RSI has come down significantly and ended near 36 levels and the next support is anticipated around 45,900 levels while resistance around 46,200 levels, Mehra opined.

Analysts expect further weakness in benchmark indices in the near-term, while Bank Nifty index is expected to remain rangebound

Stocks that were in focus included names like HDFC Bank, which fell 8.16%, TV18 Broadcast, which rose 7.58%, and SAIL, whose shares declined 5% on Wednesday.

​The Indian market closed in the red on Thursday for the third consecutive day in a row. The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 21,500.

Analysts say if Bank Nifty index fails to close above 47,500, it can slide towards 46,000. Support is at 46,500

Bank Nifty closed at a one-month low at 46,064, falling nearly 4.28 percent – its largest drop since March 7, 2022, as HDFC Bank results disappoint. 

Nifty futures on the NSE International Exchange traded 45.50 points, or 0.21 per cent, lower at 22,106.00, hinting at a negative start for the domestic market on Tuesday.

Syngene International Ltd, a pharma stock, fell 15% from its September 2023 high but recovered after a Double Bottom formation. Short-term traders can buy the stock for a target of Rs 880 in the next 2 months. The stock found support above 670 levels in October and December 2023, forming a Double Bottom. It closed above the 50-week moving average in January 2024. The stock is now trading above multiple moving averages and the RSI is at 56.5, indicating bullishness.

YES Bank shares surged about 6.15 per cent during Tuesday session to Rs 26.25, commanding a total makret capitalization of more than Rs 75,000 crore.