Tech view: Nifty50 holding above 17,500 level key to index recovery

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Nifty50 tech outlook, kotak securities, samco securities, MACD, Nifty50, Nifty50 outlook

NEW DELHI: Despite a strong gap-down start, Nifty50 on Friday managed to close almost where it opened for the day, forming an indecisive ‘Doji’ candle on the daily chart.

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The index took support from its 50-day moving average and settled the day above the 17,600-500 range, a key support area analysts have been pointing out for the last couple of sessions. Even as the index has sent a ‘sell’ signal on the MACD indicator and is showing weakness on weekly charts, analysts do not rule out a comeback for the market next week.

“Nifty50 found some cushion around the 17,500 level. If the index fails to hold above the 17,500 level support zone, an extension of time and price correction is likely. Traders for now should maintain a cautious-to-mildly bullish outlook. The resistance for Nifty is placed at 18,300 level,” said Yesha Shah, Head of Equity Research, Samco Securities.

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Mazhar Mohammad of Chartviewindia.in said a pullback attempt cannot be ruled out in the next one or two trading sessions as sharp correction has dragged the index into the oversold zone.

“Moreover, at intraday low of 17,485 levels, Nifty50 seems to have taken support on its 50-day simple moving average before bouncing back. Hence, going forward, it remains critical for the index to defend the low of 17,485 as a breach of this can further drag down the index towards 17,350 levels. Traders are advised to remain neutral on the long side whereas short positions can be partly covered,” Mohammad said.

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Amol Athawale of Kotak Securities said the index formed a long Bearish Bar Reversal candle on the weekly charts, which indicates short term weakness. Also, the index closing below the 20-day SMA is broadly a negative, he said.

“For the bulls, the 50-day SMA or 17,500 would act as a sacrosanct support level. Above the same, a pullback rally could be seen that could take the index up to 17,775 and may rise to 17,900-17,950 levels on further upside. On the flip side, a close below 50-day SMA could trigger further weakness up to 17,400-17,300,” Athawale said.

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