The NSE Nifty 50 has been designed for an unstable session one day before the Union Budget, as traders assess the market capacity to maintain their recent uptrend.
According to analysts, immediate support is seen at 23,150, while the major resistance is at 23,450, a breakout above this level potentially strengthens the speed of speed.
Technically, after a promising pullback rally, the market is forming an uptrend continuity, which is largely positive. According to Srikanth Chauhan, head of equity research in Kotak Securities, the formation of a high floor on a rapid candle on the daily chart and a high floor on the intrade chart indicates the ability beyond current levels.
“For the following traders, there will be 23,150 major support levels. Above this level, pullback formation is likely to continue. When reversed, it could bounce back to 23,400–23,450,” Chauhan said.
“Conversely, if it falls below 23,150, the uptrend will be weak. Below this level, traders may prefer to get out of their long positions,” he advised.
According to Ameya Randive, Senior Technical Analyst of Stocksbox, the possibility of instability in the market will continue to be inspired by the budget and the monetary policy-committee meeting of the Reserve Bank of India over the weekend.
The bank settled positively at the Nifty Index 49,312. “On the technical front, the bank nifty, on a daily chart, has formed a green candle, which indicates strength, according to Hrishikesh Yedve, Asit C Mehta Investments Interridges Ltd.
“In addition, the Bank Nifty Index has crossed its 21-day simple moving average or 21-DSMA of 49,200, causing this immediate support level, while the previous breakdown point of 49,650 which will serve as a major obstacle , “Yedve said. , “As long as the bank Nifty remains above 49,200, the bullish speed is likely to continue, supports the purchase-per-dub’s approach.”
Recurrence of market
The Indian Equity Benchmark Indexs closed higher for three consecutive days, as Bell and Power Grid Corp’s stock took advantage.
NSE Nifty 50 finished 86.40 points, or 0.37% at 23,249.50, and 30-stock BSE Sensx ended 226.85 points, or 0.30% higher at 76,759.81. NSE Nifty Bank also increased by 49,311.95, 0.30%.
Money market
The Indian rupee continued its downward trend against the US dollar, which weakened by seven money at 86.63 on Thursday.
According to Bloomberg data, the domestic currency weakened against the US dollar, declining 3 money. Started from 86.58. It is close to 86.56 on Wednesday, which marks the continuous decline in the last few days.
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