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Technical View: Nifty forms Doji pattern, experts say stay neutral on markets

Experts advise traders to stay cautious in the run-up to the budget. Traders can look at shorting the index below 13,700, signs of strength will only be visible above 13,900-13,929.

January 28, 2021 / 05:28 PM IST

The Nifty50, which fell more than 100 points on the F&O expiry day on January 28, made a Doji pattern on the daily charts. The index broke below its crucial support at 13,900 and below its 5-Days EMA.

The supertrend indicator also gave a sell signal on the daily charts. MACD gave a sell signal on January 21.

The Nifty50 fell more than 1 percent or 149 points to close at 13,817. The index retested 13,700 levels but the bulls managed to push the index above 13,800.

Experts said traders to stay cautious in the run-up to the budget to be presented on February 1. Traders could look at shorting the index below 13,700, while signs of strength will only be visible above 13,900-13,929.