, ETMarkets.com|
“Technically, the Nifty formed a piercing line candle on the daily chart around the 150-Days exponential moving average (DEMA) support, indicating strength. According to the piercing line candlestick pattern, if the index crosses 24,320, the short-term pullback rally may extend to 24,500-24,600 levels. The short-term trend is down, but as long as 23,890 support holds, a relief rally may be feasible,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta Investment Interrmediates.
ETMarkets.com
The down trend of the last 4-5 months seems to have reversed sharply on the upside for so far this week. We observe a formation of crucial bottom reversal pattern.The stock price has moved decisively above the hurdle of weekly 10 and 20 period EMA. Volume has started to expand during upside breakout and RSI shows positive indication.
Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
ETMarkets.com
The stock price is in a gradual upside momentum over the last few sessions. We observe smaller degree bullish patterns like higher tops and bottoms in the last few sessions. Currently in an attempt of upside breakout of crucial resistance of around Rs 522-525 levels. Volume and RSI patterns are indicating positive bias for the stock price ahead.
Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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