Stay updated with breaking news from Nifty Technical Chart. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Positive chart patterns like higher tops and bottoms are intact as per the daily chart, and the present upmove is in line with the new higher top formation of the pattern. The short-term uptrend of the Nifty remains intact, and the next upside levels are around 22,800 (1.618% Fibonacci projection). Immediate support is at 22,520 levels, said Nagaraj Shetti of HDFC Securities.
The index remained sideways throughout the session, reflecting a pause in the market trend, following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation.
Anlaysts said the index needs to hold above the support of 21,750 for upside towards 21,950-22,000 levels.
Nifty has closed below the crucial support of short term moving average i.e. 20 EMA after five months but respected the trend line around the 19,420, said Ajit Mishra of Religare Broking.
Nifty technical outlook: Wednesday saw the is the second-highest ever close for Nifty. Chandan Taparia of Motilal Oswal Securities said the index could witness an up move towards 18,800 and 18,888 level going ahead.