Tech View: Nifty50 recovers from crucial support; short-term bounce likely going ahead

Asia's Tech News Daily

Tech View, technical research, macd, directional movement, Nifty50, Gaurav Ratnaparkhi, Mazhar Mohammad

NEW DELHI: Nifty50 on Thursday fell but found crucial support at 18,050, which helped the index recover a bit. The index registered a Three Black Crows-like formation on the daily chart, which is a bearish signal. However, some analysts do not rule out a short term bounce going ahead.

Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan said that the index faced selling on breaching the 20-hour moving average, but it received some support at the 18,050 level.

“The daily chart shows that the index has tested a rising trendline on the downside from where it bounced to some extent towards the end of the session. Nifty50 is trading near its short term support, which can either lead to a minor degree bounce or a sideways action. The downside looks protected at 18,000. On the other hand, 18,400-18,500 will be the hurdle zone for a minor degree bounce,” Ratnaparkhi said.

For the day, the index closed at 18,178.10, down 88.50 points or 0.48 per cent.

“Nifty50 registered a ‘Three Black Crows’ like bearish formation, though in a perfect pattern the second and third day of bearish candles open around the midpoint of the preceding sessions and in this case the second day candle slightly failed to meet that condition. That said, Nifty50 appears to have found some support around 18,050 as it entered into the bullish gap zone of 18,050-18,008 levels registered on October 13. Moreover, it recovered 130 points from intraday low validating the support present in the said gap area,” said Mazhar Mohammad of Chartviewindia.in.

Mohammad said if the index breaches 18,040 level on Friday, the chance of it heading towards its 20-day moving average of 17,950 remains high.

“We are in a fast-moving market as Directional Movement shows a bullish sentiment. MACD has moved into a sell mode. Usually, corrective decline lasts 2-3 days before the market reverses and resumes its original direction, which in this case is up. We reiterate that Nifty is in a strong trend. We need Nifty50 to move above 18300 for a rally to 18,900-18,950,” said Independent Analyst Manish Shah.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Three teens killed by Michigan high school shooter identified

The three teens who were gunned down by a fellow student at their Michigan high school were identified Tuesday night — as authorities revealed the gunman’s father purchased the firearm ... Read more »

Tom Thibodeau, Julius Randle ‘pissed' at refs after Knicks' loss to Nets

The Knicks’ first game following the benching of Kemba Walker didn’t end with a victory, but it came with promise in taking the first-place Nets down to the final seconds ... Read more »

This Perfume Hack Will Make Your Signature Scent More Unique

© Provided by Preview.ph If you have a stash of perfume on your vanity, then you probably own popular fragrances like the Chanel N°5, Dolce & Gabbana Light Blue, and ... Read more »

China ‘hunts' Taiwan nationals through forced deportation: Report

© Provided by Al Jazeera Taiwanese nationals suspected of telecom fraud were among a group deported to China by Cambodia in 2016 [File: Samrang Pring/Reuters] Beijing has been pressuring foreign ... Read more »

Selamat tinggal ‘Didi & Friends', selamat datang ‘Little Ammar'

© Provided by Free Malaysia Today Watak Didi & Friends sangat popular di kalangan kanak-kanak dan ibubapa. PETALING JAYA: Selepas 10 tahun membangunkan animasi “Didi & Friends” sehingga menjadi rancangan ... Read more »

High tea with a circus: a review of Conrad Abu Dhabi's UAE National Day special show

© Provided by The National Conrad Abu Dhabi’s Up in the Air afternoon tea runs every weekend until December 8. Photo: Conrad Abu Dhabi Taking place in a hotel named ... Read more »

KDN terima laporan kartel dalam Jabatan Imigresen

© Provided by Free Malaysia Today Hamzah Zainudin berkata, kartel dalam Jabatan Imigresen itu bekerjasama dengan sindiket luar untuk mengeluarkan Pas Lawatan Kerja Sementara. PUTRAJAYA: Kementerian Dalam Negeri (KDN) mendedahkan ... Read more »

All the Emirati designers to support now and forever

© Motivate Publishing Yasmin Al Mulla Dior In just 50 short years, the UAE has put itself on the map across all areas, particularly when it comes to fashion and ... Read more »

Coronavirus digest: US to impose stricter testing for travelers

© Provided by dw.com The move comes just weeks after the US largely reopened its borders to fully vaccinated foreign travelers The United States Centers for Disease Control and Prevention ... Read more »

The Buzz: England's back-up plan for warm-ups

Dec 1 England’s Ashes warm-up game is going swimmingly, literally. Play was abandoned on the first day after heavy rains lashes Brisbane, but the weather was just right for some ... Read more »

Piala Dunia Remaja: Skuad negara sudah bersedia pelbagai kemungkinan

© Provided by Sinar Harian SKUAD remaja negara sudah bersedia mengharungi pelbagai kemungkinan sekiranya perlawanan suku akhir Piala Dunia Remaja menentang Perancis di Bhubaneswar, India pada Rabu berlarutan sehingga penentuan ... Read more »

Shehzada: Kriti Sanon joins Kartik Aaryan in Delhi, says 'Shehzadi in the house'

© Provided by Desimartini With each passing day, the excitement around Shehzada is elevating among the audience. Now coming in is the news that the leading lady Kriti Sanon has ... Read more »

Steigen VW, Audi und Porsche bald in die Formel 1 ein?

Die Formel-1-Saison biegt in die Zielgerade ein. Doch nicht nur der WM-Zweikampf zwischen Max Verstappen und Lewis Hamilton wirbelt viel Staub auf. Yanick Eschler gewinnt das Casting von blue Yanick ... Read more »

Correa trial continues with testimony on DNA evidence, phone tracking

Dec. 1—Red, blue, black and purple circles dotted a map on display in New London Superior Court on Tuesday. Each color represented the whereabouts of a different cell phone on ... Read more »

Health minister Greg Hunt expected to quit politics at 2022 federal election

Photograph: Mick Tsikas/AAP Hunt has held the seat of Flinders since 2001 and is yet to comment on reports of his potential retirement Get our free news app; get our ... Read more »

St. Cloud woman charged with murder of infant son whose body was found in dumpster

Dec. 1—ST. CLOUD — A St. Cloud woman appeared Tuesday in Stearns County District Court for allegedly killing her child and throwing the body in a dumpster Sunday. Fardoussa Omar ... Read more »

Search warrant suggests mix of live, dummy rounds from supplier used on 'Rust' set

Dec. 1—A search warrant from the Santa Fe County Sheriff's Office suggests a new theory for the prop gun shooting on Bonanza Creek Ranch that killed Rust cinematographer Halyna Hutchins ... Read more »

Man gets 10 years prison for sexually assaulting EC woman

Dec. 1—EAU CLAIRE — A 42-year-old Onalaska man will spend 10 years in prison for sexually assaulting a woman in April inside her Eau Claire home. Robert B. Smith was ... Read more »

Singapore contractor ‘sorry' for lapses that led to flooded junction

The flash flood on Aug. 20 along Tampines Avenue 10 and Pasir Ris Drive 12. Photo: Teo Chee Hean/Facebook Months after several vehicles became stuck in a flooded traffic junction, ... Read more »

Halle Berry agrees to multi-picture deal with Netflix following success of her directorial debut ‘Bruised' (VIDEO)

© Provided by Malay Mail In ‘Bruised’, Berry stars as a MMA fighter who tries to reclaim her power in and out of the ring, and to conquer her own ... Read more »

BSF is a boon for border populations. It can do much more than just protect them

© Provided by The Print The Border Security Force, the largest border guarding force in the world, completes 56 years of service to India on 1 December 2021. The Kutch ... Read more »

From today, negative COVID-19 test report and seven days' quarantine mandatory for international travellers to India

© Pixabay From today, negative COVID-19 test report and seven days’ quarantine mandatory for international travellers to India Centre has rolled out a new set of guidelines for international travellers ... Read more »

Fact Check: Truth behind Arjun Kapoor and Malaika Arora's breakup rumours

© Provided by BollywoodLife.com Celebrity weddings and breakups these two things never fail to grab attention from fans. Right now, everyone is waiting for Katrina Kaif and Vicky Kaushal to ... Read more »

Money Heist: Berlin gets a spin-off, here's all you need to know

© Provided by Firstpost Money Heist: Berlin gets a spin-off, here’s all you need to know Money Heist, otherwise known as La Casa De Papel, is coming to an end ... Read more »

Alia Bhatt, Ranveer Singh, Nora Fatehi burn the stage with their performances at Delhi wedding

Alia Bhatt, Ranveer Singh, Nora Fatehi, Kiara Advani and Kriti Sanon recently grooved to their tracks at a Delhi wedding. Several videos of the star-studded affair have been shared online, ... Read more »

Richa Chadha calls Zarina of Inside Edge a 'layered and nuanced character, non-trapped by conventions'

© Provided by Desimartini Inside Edge season 3 is almost upon us and the excitement and hype is real. The game behind the game gets to a whole new level ... Read more »

Trespassers cannot object to acceptance of nomination: HC

© Provided by Hindustan Times The court said Kamble was not an authorised person to enter the scrutiny room for nominations of candidates. (Getty Images/iStockphoto) Trespassers cannot object to the ... Read more »

Shehnaaz Gill visits an orphanage ahead of Sidharth Shukla's birth anniversary; fans call her 'World's strongest woman' – read tweets

© Provided by BollywoodLife.com December 12 marks Sidharth Shukla’s first birth anniversary. The Bigg Boss 13 winner passed away on September 2 reportedly due to a massive heart attack. His ... Read more »

Katrina Kaif and Vicky Kaushal wedding: Real reason why Salman Khan is not attending the December shaadi

© Provided by BollywoodLife.com Rumoured couple Vicky Kaushal and Katrina Kaif‘s wedding in December is making headlines each day. One of the aspects that has immense speculation around it is ... Read more »

HP: Special camps for artificial limbs for disabled from 1-16 Dec

© Provided by The Statesman HP: Special camps for artificial limbs for disabled from 1-16 Dec For providing aids and appliances to needy persons with disabilities, special artificial limbs fitment ... Read more »

Winter Session Day 3: Disruption likely as Government-Opposition lock horns over MPs' suspension

© Provided by DNA Today is the third day of the ongoing Winter Session of the Parliament which is likely to witness the disruption of proceedings over the suspension of 12 Rajya ... Read more »

'Seems He is Bathing': Semi-Naked Man Appears in Sex-Scandal Hearing, Karnakata HC Slaps Notice

© Provided by News18 ‘Seems He is Bathing’: Semi-Naked Man Appears in Sex-Scandal Hearing, Karnakata HC Slaps Notice A Karnataka High Court hearing related to a sex-scandal case turned bizarrely ... Read more »

India reports 8,954 new COVID-19 cases, active caseload below 1 lakh after 547 days

© Provided by Zee News New Delhi: India added 8,954 new coronavirus infections taking the total tally of COVID-19 cases to 3,45,96,776, while the active cases were recorded at less ... Read more »

COVID-19 | Maharashtra makes RT-PCR test compulsory for domestic travellers due to new Omicron variant

Mumbai International Airport (Representative Image) The Government of Maharashtra, in an order dated November 30, has made it mandatory for intra-state travellers to either be fully vaccinated or hold valid ... Read more »

Lockdown-like curbs in Tamil Nadu? CM MK Stalin-led government takes BIG decision as Omicron fears rise

© Provided by DNA On Tuesday, amid the new COVID-19 variant Omicron fears, Chief Minister MK Stalin-led Tamil Nadu government extended limitations and relaxations in the state till December 15. ... Read more »

Delhi's air quality improves but still 'very poor'

(Image: AP) Delhi’s air quality showed a slight improvement on December 1 due to favourable wind speed, System of Air Quality and Weather Forecasting And Research (SAFAR) said. The 24-hour average air ... Read more »

Manchester United fans pinpoint clear priority for January transfer window

The vast majority of Manchester United fans believe the club should focus on signing a midfielder in January. With Ralf Rangnick now confirmed as the club’s new interim boss, moving ... Read more »

Trump warns Boris Johnson is making 'big mistake' by backing wind farms

Donald Trump has warned Boris Johnson he is making a “big mistake” by backing “ridiculous” wind farms to drive the UK’s push to a net zero carbon economy. The former ... Read more »

Implementation of 5pm-8pm number coding to begin on December 1

© Provided by Top Gear Philippines It’s not only the final month of the year that we’re ushering in tomorrow: Effective December 1, 2021, the reimplementation of number coding will ... Read more »

Second Lawyers Group Wants Government to Revoke Dennis Uy-Malampaya Deal

© Provided by Esquire Philippines The transfer of the Malampaya Gas Field Facility to Malampaya Energy XP Pte., a unit of Udenna Corp, presents significant security risks, and thus ought ... 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