Tag: Technical View

The Nifty50 and Bank Nifty indices are in a bullish trend and may continue to move higher in the coming sessions. However, traders should be cautious and maintain appropriate stop losses.

The Nifty50 formed a Spinning Top pattern on September 14, indicating indecisiveness in the market. The index is likely to consolidate in the short term unless it gives a decisive close above 20,200 levels. The broader markets are also likely to consolidate in the near term. Investors should wait for a clear trend to emerge before making any major investment decisions.

The Nifty50 rebounded on September 13 after a day of correction, closing above the psychological 20,000-mark for the first time. The index formed a bullish candlestick pattern on the daily charts, with the immediate support placed at 19,950 levels. The Bank Nifty also bounced back after seeing correction in previous session, and closed at 45,909, rising 398 points.

The Nifty50 saw a minor reversal on Tuesday, closing with a loss of 3 points. Experts said that a decline below 19,850 levels could confirm a short-term top reversal pattern. Bank Nifty also saw profit-taking, closing with a loss of 59 points.

The Nifty50 index hit a new closing high of 19,996.30 on September 11, 2023, after crossing the psychological 20,000 mark in intraday trade. The index was supported by all sectors, with financials and metals leading the gains. The market is expected to remain positive in the near term, but investors should remain cautious of the risks, such as rising inflation and interest rates, and the ongoing war in Ukraine.