The Nifty 50 closed 0.3% higher at 18,534.10 points on Friday, failing to surpass immediate resistance at 18,580 points. Technical charts suggest support-based buying remains intact, with the index set to witness an upturn towards 18,666 and 18,750 points if it holds support at 18,442 points. The FPI Long-Short ratio indicates traders now hold more short positions related to long positions, and the Relative Strength Index shows bearish divergence, with a potential downturn in prices. Experts believe the market will remain range-bound, with support at 18,450-18,500 points and resistance at 18,600-18,800 points.
Tech View: Nifty eyes 24,050 as next target; support at 23,550 from put writing. How to trade on Thursday
Tech view: Rupak De of LKP Securities noted that the Nifty could move towards 24,050 in the near term, with support at 23,500, where maximum
February 5, 2025