Tech View: Nifty50 rebound encouraging but index vulnerable to selloffs

Nifty, Nifty50, Nifty Tech View, Tech View, India Vix

NEW DELHI: Nifty50 on Tuesday staged a strong rebound and formed a Bullish Hammer candle on the daily chart. Analysts said the recovery from near a short-term moving average was encouraging, but a few technical indicators are still negative, suggesting that the index may be vulnerable to selloffs.

Shrikant Chouhan of Kotak Securities said the texture of the sharp reversal formation near the 10-day SMA suggests further uptrend.

“We are of the view that while the short-term trend looks up, uncertain global market conditions could keep Nifty50 within the 17,650-17,450 range. As long as the index trades above the 17,450 level, the pullback rally is likely to continue up to 17,600-17,650. On the flip side, the uptrend would be vulnerable below the 17,430 level,” Chouhan said.

For the day, the index closed at 17,562, up 165.10 points or 0.95 per cent.

Mazhar Mohammad of Chartviewindia.in said even as Nifty50 recoiled smartly from the intraday day low of 17,326, it may still remain vulnerable to selloffs, as Tuesday’s recovery can be owing to oversold levels with a fall from the 17,792-17,326 zone in just three sessions.

“Unless Nifty50 closes above the 17,800 level, more strength shall not be expected. The majority of the technical parameters are either showing negative divergences or are in sell mode. If Nifty closes below the 17,400 level, weakness shall initially extend towards the 17,250 level,” Mohammad said.

Sachin Gupta of Choice Broking said the index sustained above nine-day SMA. He said Nifty has seem a breakout of the Falling Channel formation and showed a positive crossover in Stochastic and RSI on the hourly charts, which supports the upward trend. He sees support for the index at the crucial 17,250 level.

Chandan Taparia of Motilal Oswal Securities said the index needs to hold above 17,500 level for a bounce towards 17,650 and 17,777 levels. He sees support for the index at 17,350 and 1,7272 levels.

Internet Explorer Channel Network
News Related

OTHER NEWS

Experience mighty Alaska on the ultimate cruise to America with Good Housekeeping

American holidays are back on and now that the USA is welcoming UK travellers again, we can’t think of a better way to celebrate than with the very best adventure ... Read more »

Steering India Towards Next Frontiers Of Payment Solutions

© Provided by CNBCTV18 Globally, while the contours of conventional and more established social norms get redrafted amid a health crisis, access to finance in India is activating a new ... Read more »

Floyd Mayweather backs NBA player Kyrie Irving over Covid vaccine stance

© Getty Images Mayweather has backed anti-vaxxer Irving in a social media post – Getty Images Floyd Mayweather has declared his support for NBA star Kyrie Irving as the basketball ... Read more »

Rugby-Kerevi, McMahon withdraw from Wallabies' European tour

(Reuters) – Rugby Australia chief executive Andy Marinos said it was “hugely disappointing” that Japan-based duo Samu Kerevi and Sean McMahon had withdrawn from the Wallabies’ European tour. The Suntory ... Read more »

Explained: What is NCB, its mission, how does it fight drug trafficking?

Aryan Khan, along with some others, was arrested by the Narcotics Control Bureau (NCB) on October 3 following a raid on a Goa-bound cruise ship. (Image: Instagram/___aryan___) In recent weeks, ... Read more »

Weekend getaway to La Palma: The volcano tourists flocking to see the eruption

Parked cars are lined up one after another on Tajuya street, a small avenue on La Palma, in Spain’s Canary Islands. A tourist has even parked in front of a ... Read more »

Here's Kendall Jenner Posing In A String Green Bikini And A Pink Cowgirl Hat

While the temperature on the East Coast has started to drop, Kendall Jenner is making the most of Los Angeles’ temperate Cali fall. The model posted a bikini shot on ... Read more »

Heathrow has lost £136 per passenger so far this year – but hopes for a recovery

The woes of Britain’s biggest airport have continued into autumn. Between January and September Heathrow lost £1.38bn before tax. © PA Archive Heathrow has released its latest results – PA ... Read more »

Electric car chargers rollout stalling as just fraction being built

© Provided by Daily Mail MailOnline logo Only a fraction of the electric car charging points needed to hit a 2030 deadline are being built, ministers admitted yesterday. Just 23 ... Read more »

‘This could be the ballgame:' Biden goes all-in on Virginia

Joe Biden and Democrats know they won’t be able to spin a loss in Virginia. So they’re raising the stakes of the election instead. © Andrew Harnik/AP Photo The White ... Read more »

Egypt's el-Sisi lifts state of emergency in force since 2017

© Provided by Al Jazeera El-Sisi imposed the emergency law after deadly attacks on Coptic Christian churches [File: Aris Messinis/AFP] Egyptian President Abdel Fattah el-Sisi has announced the lifting of ... Read more »

For One Day Only: Max's Fried Chicken Is Going for as Low as P299

© Provided by Spot.ph (SPOT.ph) Need a breather? We feel you; chances are you’re counting down the days until the weekend, just so you can finally take a break from work ... Read more »

Home and Away shares full details of Felicity kidnap drama

Photo credit: Endemol Shine – Channel 5 Home and Away spoilers follow for Australian and UK viewers. Home and Away has shared further details of Felicity Newman's upcoming kidnap, as ... Read more »

Nunavut election brings new faces to government amid disappointing voter turnout

© Jane George/CBC In Iqaluit’s Grind and Brew restaurant, owner Brian Twerdin, left, former Nunavut MLA and minister Elisapee Sheutiapik, middle, and Ed Picco, right, also an MLA and minister ... Read more »

Japan panel to propose stimulus package blueprint in early Nov

TOKYO (Reuters) – A panel led by Japanese Prime Minister Fumio Kishida will compile a proposal in early November for a stimulus package aimed at cushioning the economic impact of ... Read more »

Each day without climate action is 'a day wasted' - UK's Attenborough

FILE PHOTO: British Prime Minister Boris Johnson and David Attenborough attend a conference about COP26 UN Climate Summit, in London LONDON (Reuters) – British naturalist David Attenborough warned world leaders ... Read more »

How Bongbong Marcos Explained His Oxford University Education

© Provided by reportr.world Presidential aspirant Bongbong Marcos’s campaign said there was no intention to misrepresent his Oxford University education after Filipino alumni pointed out he did not finish his ... Read more »

Japan's Princess Mako marries commoner and loses royal status

© Provided by PA Media Japan’s former Princess Mako and her husband Kei Komuro look at each other during a press conference to announce their marriage at a hotel in ... Read more »

Bohol Drops RT-PCR Requirement for Fully Vaccinated Travelers

© Provided by Spot.ph © Provided by Spot.ph PHOTO BY Shutterstock (SPOT.ph) Bohol is an island province in the Visayas that’s well known for its tarsier sanctuary, the natural wonder ... Read more »

Big twist in Aryan Khan drugs case: WhatsApp chats between KP Gosavi and witness Prabhakar Sail leaked; shows former instructing the latter

© Provided by BollywoodLife.com The cruise ship drugs case involving Shah Rukh Khan‘s son Aryan Khan is getting messier by each passing day. The star kid has been lodged in ... Read more »

BB15: Karan Kundrra wishes to date someone 10 yrs younger; Tejasswi Prakash blushes & says ‘You need me'

© Provided by Pinkvilla Bigg Boss house has been witness to numerous love stories over the past many seasons. In the present season, the house seems to be harbouring the ... Read more »

BREAKING: Animal Rebellion takes over govt building in Westminster, activisits threaten to stay 'indefinitely'

© Provided by City AM Animal Rebellion activists have scaled a Government building in Westminster and say they plan to stay there “indefinitely”. Four activists from Animal Rebellion, an offshoot ... Read more »

Ireland Baldwin is taking a social media break after a 'heartbreaking and weird couple of days'

© Bang Showbiz Ireland Baldwin Ireland Baldwin is taking a break from social media after her dad Alec Baldwin accidentally shot and killed Halyna Hutchins. The 26-year-old star has revealed ... Read more »

New book traces Ritu Nanda's journey as an entrepreneur, far from the world of films

© Provided by The Print New Delhi: Being Ritu by Sathya Saran tells the story of how Ritu Nanda, renowned Bollywood star Raj Kapoor’s daughter, went on to carve an ... Read more »

PIC: Prabhas jets off to Mumbai for the new shoot schedule of Adipurush

© Provided by Pinkvilla Prabhas is back with another mythological pan-Indian film titled Adipurush, which is based on the most loved epic in Indian mythology, Ramayana. It is the most ... Read more »

Birthday Special: Lesser Known Facts About Gorgeous Actress Raveena Tandon

Raveena Tandon is one of the actresses who truly ruled Bollywood in the 90s era. Her endearing personality impresses people all the time. Even though the actress has a huge ... Read more »

Britney Spears says family hurt her 'deeper' than people will ever understand

© Bang Showbiz Britney Spears Britney Spears’ family hurt her “deeper than you’ll ever know.” The ‘Oops I Did It Again” hitmaker recently saw her father removed from his position ... Read more »

Winter Season: Expert Suggests Nutritional Tips For Women

The winter season inspires a feeling of snugness, with its characteristic cozy blankets and warm drinks. However, while winters may be a tasty and pleasant affair for you, it may ... Read more »

Norway registered lower population growth last year

The population in Norway is still increasing, but less immigration has resulted in lower growth in recent years. That became particularly noticeable during the corona pandemic. In 2013, the number ... Read more »

The last great mystery of the mind: meet the people who have unusual – or non-existent – inner voices

Claudia*, a sailor from Lichfield in her late 30s, is not Italian. She has never been to Italy. She has no Italian family or friends. And she has no idea ... Read more »

Facebook, YouTube remove Bolsonaro video over vaccine claims

© Provided by Al Jazeera YouTube has suspended Brazilian President Jair Bolsonaro from its platform for a week [File: Gustavo Minas/Bloomberg] Facebook and YouTube have removed from their platforms a ... Read more »

Tense quiet after Sudan coup, protesters block some roads

© Provided by Associated Press Sudan CAIRO (AP) — Pro-democracy protesters blocked some roads in Sudan’s capital with makeshift barricades and burning tires Tuesday, a day after the military seized ... Read more »

Here are five things an asexual person really wants you to know – including what not to say to her

Eleanor is asexual – and also identifies as aromantic. Here she explains in her own words what is means to be asexual and how you can be a better ally ... Read more »

Children's mental health is national emergency in pandemic. What's being done in Idaho?

In Dr. David Peterman’s 40 years as a pediatrician in Idaho, he has never seen so many children younger than 12 coming in with anxiety. “And the anxiety isn’t just ... Read more »

Best Halloween costumes for cats and dogs 2021

Push the boat out this Halloween. The last year has been ruff so take the opportunity to come off your leash and dress up to celebrate the spookiest holiday of ... Read more »

Speculation swirls over Alberta's role in Trudeau's new cabinet

© Graham Hughes/The Canadian Press Prime Minister Justin Trudeau speaks to reporters during a news conference in Montreal on Aug 31, 2020. Politics-watchers say Alberta is very likely to get ... Read more »

Ottawa film industry shaken by death on Alec Baldwin movie set

© Submitted by Peter Michael Dillon Peter Michael Dillon holds a fake gun in the 2015 TV movie First Response. Like many in Ottawa’s film community, Dillon was shaken by ... Read more »

New Jersey school district suspends assistant teacher who allegedly told student 'we don't negotiate with terrorists'

A New Jersey teaching assistant was suspended by the Ridgefield School District after an alleged incident last week in which a Muslim-American student claimed he was called a terrorist after ... Read more »

Odisha ULB polls: December 13 deadline for delimitation of wards, reservation of seats

© Provided by The Statesman Odisha ULB polls: December 13 deadline for delimitation of wards, reservation of seats Expediting the process for the already delayed urban local body (ULB) polls, ... Read more »

157 new medical colleges approved by PM Modi to ensure affordable treatment in India: Mansukh Mandaviya

Prime Minister Narendra Modi has approved the setting up of 157 new medical colleges to ensure that the people of the country get affordable treatment, said Union Health Minister Mansukh ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic