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Technical View: Nifty forms bullish candle, 14,570 decisive for strength

Traders should remain neutral on the long side, whereas positional shorting opportunity may arise on a close below 14,390 levels for a modest target of 14,200.

April 26, 2021 / 05:26 PM IST

The Nifty50 wiped out some of the gains in afternoon trade but managed to close a percent higher on April 26, forming a bullish candle on the daily charts as the closing was higher than opening levels.

Banking & financials and metals stocks led the rally. Broader markets also traded higher, with the Nifty midcap 100 index rising 0.78 percent and smallcap index 1.13 percent.

India VIX moved up by 3.55 percent from 22.69 to 23.49 levels. India VIX needs to hold below the 20-mark for the market to remain bullish, experts say.

Traders should remain neutral on the long side, whereas positional shorting opportunity may arise on a close below its 100-day moving average, whose value is placed at around 14,390, for a modest target of 14,200, Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia told Moneycontrol.