Nifty 50 Technical Analysis| 29 Oct | Positive Momentum Signals Further Upside

Teji Mandi • 4 days ago

Original source

What This Video Is About

This video provides a technical update on Nifty, discussing its recent performance and expected future movements. The speaker, Jatin Gia from the TJ Mandi research team, analyzes the market trends and identifies key levels to watch.

Major Ideas Discussed

  • The Nifty consolidated between 22,850 and 22,650 on the downside and closed marginally in the red, but managed to stay above the 20-day moving average at 22,678.
  • To continue its positive momentum, the Nifty needs to surpass the immediate hurdle at 22,870-22,900, which is the 61.8% retracement level of the entire decline.
  • If the Nifty surpasses this level, it can expect an up move towards 23,150-23,000 on the upside, coinciding with the previous swing high.
  • On the downside, the crucial support is placed at 22,550.

What to Watch Next

Investors should monitor the Nifty's movement in relation to the identified key levels, including the 20-day moving average, the 61.8% retracement level, and the support at 22,550, to make informed investment decisions.