Tech View: Nifty forms long bull candle. What traders should do on Tuesday

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Tech View: Nifty forms long bull candle. What traders should do on Tuesday

Nifty on Monday ended 223 points higher to form a long bull candle on the daily chart as it challenged the crucial hurdle of 22,500 levels.

The short-term uptrend of Nifty seems to have resumed after one day of weakness. The next upside levels to be watched are around 22,800-22,900. Immediate support is at 22,500, said Nagaraj Shetti of HDFC Securities.

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

Rupak De, LKP Securities

Nifty continued to remain in the uptrend as the index closed with solid gains. The index maintained its position above the critical 21EMA, signaling a continuation of the bullish trend. The momentum indicator, RSI (14), shows a bullish crossover. It is projected to move towards 22,800-22,850 in the short term, with support at 22,550.

Jatin Gedia, Sharekhan

Nifty opened on a positive note and continued to inch higher throughout the day to close with gains of 223 points. On the daily charts, we can observe that Nifty has been holding on to the 20-day moving average and rising steadily. The pullback in the previous trading session was bought into and Nifty resumed its up move.

(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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