Wednesday 18 October 2023

Nifty Technical Analysis for October 18, 2023 onwards

Nifty Technical Analysis based on date till October 17 2023

Nifty closed at 19,853.35 on October 17, 2023, up 0.49% from the previous day's close.

Nifty is currently in a bullish trend, with the immediate support at 19,732 and the immediate resistance at 20,000.

The daily chart shows that Nifty is trading above its 20-day, 50-day, and 200-day moving averages, which is a bullish signal.

The MACD indicator is also bullish, with the signal line above the MACD line.

The RSI indicator is at 65, which is in the overbought zone. However, Nifty has been trading in the overbought zone for several days now, so this is not necessarily a bearish signal.

Overall, the technical analysis suggests that Nifty is likely to continue trading in a bullish trend in the short term.


I predict that Nifty will trade above its immediate resistance at 20,000 in the next few days.

However, it is important to note that the market is volatile, and anything can happen. Traders should always use risk management techniques when trading.


This technical analysis is for educational purposes only and should not be taken as financial advice.

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