Technically, nifty forms red candles every day to indicate weaknesses. However, the index found support near the simple moving average (DSMA) on the 21st, which is about 23,290. Conversely, 50-DSMA is arranged at about 23,740, which acts as a decisive obstacle and is 23,800. You can expand the additional weaknesses of the indexes of 23,290 or less. Asit C. Mehta Investment Interrmediates HRISHIKESH YEDVE said that traders need to monitor this level for potential opportunities.
According to the public interest (OI) data, the highest OIs on the currency were observed at 23,600 and 23,500 hits, and the highest OIs on the PUT side are 23,300 hit prices.
What should a trader do? The analysts said:
Jatin Gedia, Mirae Asset Sharekhan
In the daily chart, we can see that nifty has been closed negative for the fourth consecutive session. In this process, the 20 -day moving average (23,300) was tested, which can act as a production or blocking level from a short -term perspective. We expect nifty to maintain this important support and resume up to 24,000. The daily momentum indicator has a positive crossover, which is a purchase signal, so this minor embarrassment for the support area should be considered an opportunity.
Om ghawalkar, Share.market
All day long, the market showed a volatile movement and reached 23,316. In the last transaction time, it witnessed a light recovery and closed to 23,381. Last week, NIFTY faced resistance at 50-SMA (simple moving average) of the chart. On Monday, we find support near 21-SMA and indicate the level of the major skills to watch. According to the option chain analysis, the maximum currency open interest (OI) is concentrated at 24,000, indicating a strong resistance level. On the other hand, the maximum foot open interest (OI) is observed at 22,500, which can serve as a major support level of the market.
Rupak de, LKP Securities
After forming the top on the daily chart and falling, the decrease in the headline index continues. After the nifty fell below 21EMA, the emotions became weaker. RSI also entered the weak crossover. In the short term, the trend may deteriorate to less than 23,350, and if it is maintained below this level, it may fall to 23,000. Highly, resistance can be found at 23,550.
Nagaraj shetti, HDFC Securities
The long bear candle has begun to move below an important cluster support of about 23,400 on the daily chart (depending on the change of the 10/20 days EMA and polarity). This is not a good sign. The slide below the next support of 23,220, the higher the top and the higher the top and the floor can be invalidated and can have a more negative impact on the market. The fundamental trend of nifty is still negative. After moving to 23,400 important support down, the market can be lowered to 23,200 in the short term. Immediately resistance is arranged at 23,500.
(Exemptions: Recommendations, suggestions, views, and opinions provided by experts are their own. This does not indicate the view of the economic age.
