Monday 16 October 2023

Trend analysis of Nifty for tomorrow what is likely trends in nifty for tomorrow 17-10-2023

Nifty Trend Analysis for Tomorrow

Based on the current trend of Nifty, it is likely that the index will continue to trade in a range of 19,500 to 20,000 on October 17, 2023. The index is facing resistance at the 20,000 level, but it is also supported by its 50-day and 200-day moving averages.

On the 75-minute chart, Nifty is trading in a downward trend. However, the index has started to form a bullish pattern, suggesting that the downtrend may be coming to an end.

Likely Trends in Nifty for Tomorrow

If Nifty is able to break above the 20,000 level tomorrow, it could move towards the 20,300-20,400 range. However, if Nifty fails to break above the 20,000 level and falls below the 19,600 level, it could move towards the 19,400-19,300 range.

Overall, the trend of Nifty is neutral in the short term. Investors should watch out for a breakout above the 20,000 level or a breakdown below the 19,600 level for further cues.

Disclaimer: This is just a prediction and not financial advice. Investors should always do their own research before making any investment decisions.

Additional Notes:

  • Investors should also keep an eye on global factors such as the US Federal Reserve's interest rate decision and the ongoing war in Ukraine, as these could have a significant impact on the Indian stock market.
  • It is important to note that the stock market is unpredictable, and even the best analysts can be wrong. Therefore, investors should always trade with caution and use a risk management plan.

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