Nifty 50: A technical check

In this post, we take a look at Nifty’s chart and see where the essential support and resistance levels lie and how the index could perform going forward — from a technical point of view.

Last weekend, we had Hindenburg, a US investment research firm with a bias towards short selling, heap allegations on the SEBI Chief, Madhabi Buch. This was expected to lead to significant turbulence in the market today, but just in time Ms. Buch released a statement debunking the claims. This likely calmed the market’s nerves and Nifty bounced back swiftly after a rather short-lived selling pressure in the morning.

Looking at the charts, it seems that Nifty continues to maintain an upward bias. Let’s study the technicals in detail. Pls pay close attention as I discuss important insights that’ll hopefully guide you to gauge index movements yourself.

So, here we begin.