nifty 50: Tech View: Nifty50 formed a bullish candle, eye level 16,500

New Delhi: Nifty50 on Tuesday settled higher for the third day in a row. It formed a bullish candle on the daily chart and according to analysts, the 16,500 level looks like a good possibility.’s Mazhar Mohammad said the credibility of this upside was heightened as Nifty50 saw buying interest on the downside. Mohammad said that the index could test its 200-day EMA, its value placed around 16,520 if it sustains above 16,187.

He said: 16,520 is the limit of the number of successful upwings in the past.

“Clearing the aforementioned barrier remains crucial for the index to continue to expand,” said Mohammad.

During the day, the index closed at 16,340.55, up 62.05 points, or 0.38%.

Momentum setups are still in buy mode on the daily chart, but it has reached the overbought zone on the hourly chart, according to Ruchit Jain, Research Lead,

“In case, if we see any negative crossover from the overbought zone on the hourly chart, we could see dips between the indicators to ease the overbought setups. In the event of any drop, immediate support for Nifty50 will be seen around the hourly 20 EMA around 16,220. On the other hand, a short term uptrend for Nifty50 is seen between 16,550-16,650, where we can see a confluence of resistances,” Jain said.

Rupak De, Senior Technical Analyst at

indicates that a higher top higher bottom formation is visible on the daily timeframe. Besides, he said that Nifty50 has maintained above its key moving average indicating a bullish bias.

“In the short term, the index could remain positive as long as it sustains above 16100 with a possibility of reaching 16,450-16,500 in the short term,” he said.

Bank Nifty

of Securities said Nifty Bank opened negative but managed to see buying interest after taking support at 35,100.

“It formed a strong bullish candle on a daily scale and posted the highest daily close in the last 36 trading sessions. It has started to form lower highs with the support base gradually shifting. Now it has to hold above 35,500 to see gains to 36,000 and 36,250,” he said.

Analyst Motilal Oswal said bearish support for the index is located at the 35,400 and 35,250 levels.

(Disclaimer: The recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times)

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