Tech View: Nifty ends above 20-DMA for 3rd day. What traders should do on Friday

Tech View: Nifty ends above 20-DMA for 3rd day. What traders should do on Friday

Nifty on Thursday ended 71 points higher above the 21,900-level to form a Doji-type candlestick on the daily chart. Both price and momentum indicators suggest a continuation of the up move.

Nifty is currently placed at the edge of moving above the minor down- trend line resistance around 21,900-21,950 levels. A decisive break above this hurdle could open the doors for new all-time highs around 22,150 levels. Immediate support is at 21,800, said Nagaraj Shetti of HDFC Securities.

What should traders do? Here’s what analysts said:

Jatin Gedia, Sharekhan

On the daily chart, we can observe that after the sharp runup in the previous trading session, Nifty is holding on the gains and also minor dips are being bought into suggesting buying interest. On the upside, the immediate hurdle is placed at the 22,100 – 22,130 zone while the support zone has shifted higher towards 21,770 – 21,750.

Rupak De, LKP Securities

Nifty exhibited volatility throughout the day but eventually closed above the resistance level of 21,850. According to the daily chart, Nifty has experienced a consolidation breakout, indicating a positive shift in sentiment. Additionally, the index has closed above the 20-DMA for the third consecutive session, and the RSI shows a bullish crossover. In the short term, there is a possibility of the index moving towards 22,200. On the downside, support is situated at 21,750.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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