{"id":7275,"date":"2024-05-17T13:51:16","date_gmt":"2024-05-17T13:51:16","guid":{"rendered":"https:\/\/demo5.dedicatedhost247.com\/zexo\/tech-view-nifty-forms-high-wave-candle-what-should-traders-do-on-saturday\/"},"modified":"2024-05-17T13:51:16","modified_gmt":"2024-05-17T13:51:16","slug":"tech-view-nifty-forms-high-wave-candle-what-should-traders-do-on-saturday","status":"publish","type":"post","link":"https:\/\/demo5.dedicatedhost247.com\/zexo\/tech-view-nifty-forms-high-wave-candle-what-should-traders-do-on-saturday\/","title":{"rendered":"Tech View: Nifty forms High Wave candle. What should traders do on Saturday"},"content":{"rendered":"


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<\/p>\n

Nifty<\/a> on Friday ended 62 points higher to form a High<\/a> Wave type of candle<\/a> on the daily chart. The index recouped losses of its previous week and is now eyeing reclaiming the lifetime high zone. <\/p>\n

The short-term trend<\/a> of Nifty is positive and the next upside levels<\/a> to be watched are around 22,700-22,800 levels in the next few sessions. Immediate support<\/a> is at 22,320, said Nagaraj Shetti, senior technical research analyst at HDFC Securities<\/a>.<\/p>\n

The daily momentum indicator has a positive crossover, which is a buy signal.<\/p>\n

The market<\/a> would be open this Saturday as part of a disaster recovery exercise in a special live trading session from 09:15 am till 10 am and again from 11:45 am to 12:40 pm.<\/p>\n

What should traders<\/a> do? Here\u2019s what analysts said:<\/em><\/p>\n

Osho Krishan, Angel One<\/h2>\n

It was surprising how bulls launched a scathing attack on bears and turned around the overall sentiments amid the elevated volatility index. On the level-specific front, 22,350-22,300 is likely to cushion any upcoming intra-week blips, followed by the sacrosanct support of 22,200 in the short term. <\/p>\n

On the higher end, 22,600-22,650 remained a sturdy resistance<\/a> before Nifty could claim its lifetime high of 22,800.<\/p>\n

Om Mehra, SAMCO Securities<\/h2>\n

Nifty<\/a> continued to have its ongoing strength, closing the session at 22,466.10, up by 0.28%. Despite briefly surpassing the 22,500 mark, it couldn’t sustain this level and retraced lower by the end of the session. Nifty formed a piercing line pattern on the weekly chart, suggesting a sustained ongoing trend. Immediate support is seen at 22,350, while resistance is positioned at 22,620.<\/p>\n

Shrikant Chouhan, Kotak Securities<\/h2>\n

Uptrend continuation formation on daily and intraday charts indicate further upside from the current levels. For trend following traders now, 22,350\/73,450 would act as a key support level as long as the index is trading above the same, the bullish<\/a> formation is likely to continue. <\/p>\n

On the higher side the market could move up to 22,550-22,575\/74,200-74,300. <\/p>\n

On the flip side, below 22,350\/73,450 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading positions.<\/p>\n

Tejas Shah, Technical Research, JM Financial & BlinkX<\/h2>\n

The important key take away for Nifty is that it closed above the crucial resistance zone of 22,200-250 levels (50 Day EMA) and accordingly we believe that it is likely to test the next resistance levels of 22,500 and 22,750-800 on the higher side. Support for the Nifty is now seen at 22,350 and 22,200-250 levels. On the higher side, immediate resistance for Nifty is at 22,500 mark and the next crucial resistance zone is at 22,750-800 levels (Previous ATH). <\/p>\n

Overall, Nifty is likely to remain volatile within the 22,200 \u2013 22,800 range in the near term with a positive bias.<\/p>\n

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)<\/em><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Nifty on Friday ended 62 points higher to form a High Wave type of candle on the daily chart. The index recouped losses of its previous week and is now eyeing reclaiming the lifetime high zone. The short-term trend of Nifty is positive and the next upside levels to be watched are around 22,700-22,800 levels […]<\/p>\n","protected":false},"author":1,"featured_media":7276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[50],"tags":[10980,1307,10978,2467,10982,208,10979,820,9074,1843,4308,281,1110,1864,10519,539,3534,3527,10981,9362,603,206,4315,3571,2339,4207],"jetpack_featured_media_url":"https:\/\/img.etimg.com\/thumb\/msid-110213032,width-1200,height-630,imgsize-54368,overlay-etmarkets\/photo.jpg","_links":{"self":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7275"}],"collection":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/comments?post=7275"}],"version-history":[{"count":0,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media\/7276"}],"wp:attachment":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media?parent=7275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/categories?post=7275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/tags?post=7275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}