Nifty This Week: 19 March, 2024
Nifty analysis for few days : As we know, the market is volatile and unpredictable. It is called a game of probabilities. Below are some probabilities on the basis of technical analysis.
A. Nifty couldn’t hold 50 days moving average. It closes below it on 19 March 2024.
B. 21800 is strong support as it is 50% of last up trend (image 2). It works as a big support to buy. Also it is round no.
C. 21666 is magnetic no. and reversal zone of downtrend. We can see clearly that downtrend convert into uptrend.
As we can see that in daily time frame (pic 1) there is a sign of break down means market may fall from here. But In pic 2 it is near big support which is sign of buy on suport.so I suggest to wait and watch till more clearly.
What should investor do now?
- If the nifty goes above 21950 and sustain than invest, with support of 21800.
- If the nifty breaks 21800 and sustain below it, than wait for 21666.After bullish signal shows there, invest in index(nifty bees)or in large cap stocks.