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Technology View: Nifty Forms Hammer Candle, 22,725 support. How to trade on Wednesday

MONews
3 Min Read
The NIFTY index opened flat and witnessed sales pressure in the first half, but in the second half, a rapid recovery occurred, which was slightly lowered to 22,945. India VIX, a volatile index, is cooled at 16.32, down 0.36%, 15.67.

Technically, Nifty indicates strength by forming a hammer candlestick pattern near various support areas on a daily size. As long as the index has been maintained at 22,725, the purchase strategy is advantageous. The 23,240 day’s simple moving average (DSMA) acts as an immediate obstacle, and the decisive movement of this level can confirm the short -term floor reversal, the HRISHIKESH YEDVE of ASIT C. Mehta Investment Nursing.

In the public interest (OI) data, the highest OIs on the call side were 23,200 and 23,000 hits, and the highest OI on the foot side was 22,700 hits, 22,900, 22,900.

What should a trader do? The analysts said:

Nandish Shah, HDFC Securities

From a technical point of view, the short -term floor appears to be in place. As long as Nifty is maintained over 22,800 levels, it is necessary to avoid the weak bet. Conversely, the 23,235 level is likely to serve as a major resistance in the short term.

Rupak de, LKP Securities

Nifty witnessed another volatility because the index did not take a clear direction. In the short term, nifty may remain as ‘upward’ as long as it remains less than 23,150. The support is deployed for 22,800, and the decline below this level can cause additional modifications. The immediate resistance is 23,000.

Bazza Broking

The index formed a high wave candle with long and low shadows, attracting attention around the lowest level in January. In the last two sessions, it was integrated within a wide range of 22,700–23,000. If the index is destroyed by more than 23,000, it can lead to fullback toward the EMA for 20 days. However, if it falls below 22,700, the additional disadvantages to level 22,500 will be proposed (immunity: the recommendations, suggestions, views and opinions provided by experts are themselves.

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