Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
Budget & You Live : Real-Time Analysis Of All The FM’s Big Announcements
Budget 2023
Budget 2023

Technical View | Nifty closes above 18,600 for the first time, next hurdle 18,700

As long as the Nifty trades above 18,550, the uptrend will continue and the index can move to 18,750-18,800, Shrikant Chouhan of Kotak Securities has said

November 29, 2022 / 05:15 PM IST

The Nifty hit another high to close above 18,600 for the first time on November 29, extending the uptrend to the sixth consecutive session supported by positive global cues and buying in FMCG, metal and pharma stocks.

After opening flat at 18,552, which was also the day's low, the index traded higher for the rest of the day. It hit a new high of 18,678 and closed 55 points higher than the previous day at 18,618.

The index has formed a bullish candle on the daily charts, making higher highs for the fifth straight session.

Momentum indicators the Relative Strength Index (RSI) trading above 60 and Moving Average Convergence and Divergence were trending upward on the daily and weekly charts, with MACD giving a positive crossover on the daily frame.