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With regards to benchmark indices, we expect Nifty to continue trading in the range of 16,800-17,450 and only a break on either side will lead to a directional move, said Malay Thakkar of GEPL Capital

April 29, 2022 / 07:36 AM IST
 
 
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After witnessing a Doji Candle range in the previous week, Nifty has witnessed a rangebound action this week. On the daily charts, the index is hovering around the 200-days SMA (simple moving average - 17,219).

The index has formed a double bottom in the 16,850-16,900 zone and this level would act as a major support on the downside.

On the higher side, the index has resistance in the zone of 17,400-17,450 which is the previous week high and the 20 days SMA (17,441).

The RSI (relative strength index) indicator on both daily and weekly timeframe is hovering around the 50 mark and giving neutral signals.