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1000.00 Dollar US$
April 22, 2024
United States, Iowa, Albion
4
Description
The Nifty 50 Index, currently trading at 22,147.00, has experienced a notable correction of approximately 1000 points in the near term. However, it has also shown signs of recovery, rebounding more than 350 points from its recent lows. Despite this, the index closed the week with a negative return of 1.65 per cent.
From a technical perspective, the chart pattern suggests that the bullish trend remains intact as long as the index does not breach the crucial support level of 21,700 on a closing basis. However, analysing the Relative Strength Index (RSI) on weekly charts reveals a bearish signal, characterised by a pattern of lower tops and lower bottoms.
This indicates that selling pressure may emerge at resistance levels. The resistance levels to watch for are within the range of 22,276 - 22,325 and 22,475 - 22,525. In light of the bearish signals from technical indicators like the RSI and Moving Average Convergence Divergence (MACD), the recommended trading strategy would be to sell on rallies.
This approach aligns with the expectation of underperformance in the short term. On the downside, support levels are anticipated at 21,965, 21780, and 21,500. For swing traders and investors, these levels present opportunities to consider buying the index and its constituents.
Monitoring the index's behaviour around these support levels can provide strategic entry points for those looking to capitalise on potential rebounds. In summary, while the Nifty 50 Index maintains its bullish trend barring a breach of key support, caution is warranted due to the bearish signals from technical indicators.
This indicates that selling pressure may emerge at resistance levels. The resistance levels to watch for are within the range of 22,276 - 22,325 and 22,475 - 22,525. In light of the bearish signals from technical indicators like the RSI and Moving Average Convergence Divergence (MACD), the recommended trading strategy would be to sell on rallies.
This approach aligns with the expectation of underperformance in the short term. On the downside, support levels are anticipated at 21,965, 21780, and 21,500. For swing traders and investors, these levels present opportunities to consider buying the index and its constituents.
https://houston311.powerappsportals.us/en-US/forums/general-discussion/e294701b-9709-ef11-a73d-001dd
13.00 Dollar US$
May 3, 2024
https://engineeringcouncilsa.microsoftcrmportals.com/forums/general-discussion/b4a1d3d8-9609-ef11-a8
Check with seller
May 3, 2024
https://houston311.powerappsportals.us/en-US/forums/general-discussion/06c7d012-9709-ef11-a73d-001dd
15.00 Dollar US$
May 3, 2024
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