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    Tech View: Nifty50 forms bullish candle but upside hurdle intact at 18,200

    Synopsis

    With Tuesday's bullish candle, Nifty50 gave its highest daily close of the last 40 sessions, said Chandan Taparia of Motilal Oswal Securities, who believes that the index needs to hold on the psychological mark of 18,000, for any upmove towards 18,200 and 18400 levels.

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    NEW DELHI: Nifty50 on Tuesday climbed for the third straight session in what was a volatile day for the market. The index ended up forming a bullish candle on the daily chart. Analysts said the upside hurdle of 18,200 is intact. The index may find support around 17,900-950 level, they said.

    With Tuesday's bullish candle, Nifty50 gave its highest daily close of the last 40 sessions, said Chandan Taparia of Motilal Oswal Securities, who believes that the index needs to hold on the psychological mark of 18,000, for any upmove towards 18,200 and 18400 levels. Taparia sees support at 17,950 and 17,850 levels.

    For the day, Nifty50 closed at 18,055.75, up 52.45 points or 0.29 per cent.

    Intraday trading ranges are shrinking, said Mazhar Mohammad of Chartviewindia.in.

    "Sustaining above the 17,964 level, the bulls can make efforts to test the interim top present around 18,200 level. In case if it slips below 17,964, it can come under some selling pressure on an intraday basis. The short-term trend may slightly swing in favour of bears if Nifty50 closes below the 17,900 level. For the time being, traders should give priority to book profits in the next session as we head towards 18,150 levels," Mohammad said.

    Palak Kothari of Choice Broking sees support for Nifty50 at 177,00. He sees resistance at the 18,100 level. Rising above the same can open the doors for 1,8200-18,300 levels, the analyst said.

    Strong support lies at 17,700 and as long as that holds, any corrective wave can be looked at strategically to accumulate long positions, said Manish Hathiramani, technical analyst at Deen Dayal Investments.



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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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