With the Nifty 50 almost touching the targets given in the previous technical outlook, here are the short term trends to watch out for now and opportunities outside the index.
Short-term technical outlook for the Nifty 50 and a closer look at some outperforming sectors in this technical outlook.
While the Nifty 50 slipped into correction, it rebounded from key support levels. So how is the index likely to trend now?
And is there further downside possibility in the short-term?
The Nifty 50 has scaled new highs, displaying strength over the past few months. Is the rally in the Nifty 50 over or can it continue?
A lot has happened since our previous market update, when we discussed if the worst was over for the Nifty 50. In that update, we had mentioned that the level of 17,850 on the upside and 16,900 on the lower end are the key markers to focus on. It was also highlighted that a breakout past 17,850 could pave the way for a rally to the 18,350-18,400 zone.
The Nifty 50 index has managed the latter, breaking above 17,850 and reaching the target zone of 18,350-18,400. The question now is what is in store for the Nifty 50 index. We will look at the short-term perspective here, to address this question.
The bearish view on the Nifty 50 index shared over the past couple of posts has played out, and the Nifty 50 index hit the target of 16,700-16,900 mentioned earlier. Now, after recording a low of 16,828 on March 20, the index has been on a recovery path. The key question, then, would be – is worst is over for the Nifty 50? As always, we will try to address this question using our favourite charting tools including the breadth indicators.
In the past couple of posts on the Nifty 50 outlook, we have been voicing a bearish view for the Nifty 50 index. This has played out as per expectations. The index almost achieved the first target of 17,150-17,200 that was mentioned a couple of posts ago. In the previous update, we had mentioned the possibility of a slide to the 16,700-16,900 zone.
Let us assess if this target is likely to be achieved or not.
In this post, we shall discuss a brief short-term technical outlook for the Nifty 50 index and some interesting statistics which will be a follow-through to what we discussed in the previous post. Let us get started with the short-term technical outlook.
There are more theories on what works in stock investing than there are listed stocks. Each one seems to be successful at some point in time. However, there is still no single universally applicable formula. I am still in search of that magic formula. If any of you do find one, please post it in the comments section.
But if there can be said to be two warring camps on the right approach to stock investing, these are usually fundamental analysis and technical analysis. Both have loyal camps of followers who swear that their method works best.
In the previous update on the targets for the Nifty 50, the expectation was that the index could head to the next target at 19,100. Contrary to expectations, the index has been in a correction phase in the past few weeks. In today’s report, thus, we try to assess both the short-term and the medium-term outlook for the Nifty 50 index.
It’s been interesting times for the Nifty 50 in the past month! As we observed in the previous update, the Nifty 50 index remained bullish and managed to reach the first target of 18,640-18,700 zone that we had set. The index appears on course to reach even the second target of 19,100 mentioned in the outlook last month.