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Nifty50 Technical Analysis: Consolidation Continues, Trading Range Established
Mumbai, November 12, 2024
The Nifty50 index continued its consolidation phase on Monday, closing at 18,332.60. Technical indicators suggest a neutral sentiment, with traders awaiting a breakout. Support levels are established at 18,250, 18,200, and 18,150, while resistance levels are at 18,380, 18,420, and 18,450.
Technical Indicators
– Moving Averages: 50-day SMA at 18,240, 100-day SMA at 18,050, and 200-day SMA at 17,800.
– RSI (14) at 55.42, indicating neutral sentiment.
– Bollinger Bands: Upper Band at 18,450, Lower Band at 18,200, and Middle Band at 18,330.
– MACD (12, 26, 9) signals a bullish trend.
Trading Strategy
– Buying above 18,330 with a stop loss at 18,220.
– Selling below 18,280 with a stop loss at 18,350.
– Buying on dips near 18,250-18,280.
Market Outlook
The Nifty50 is likely to trade within the established range, with a breakout expected in the coming sessions. Traders are advised to maintain caution and use risk management strategies.
Disclaimer –Â Technical analysis is subjective and not foolproof. This report is for informational purposes only and should not be considered investment advice. Please consult with your financial advisor before investing or trading in market.
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