Nifty Finds Crucial Support at 23,000-23,050 Amid Technical Recovery Signs
· Business · Economic Times
The Nifty index traded in the green during Friday's session despite sharp swings in the closing auction, closing with a marginal weekly loss of 0.22%. Technical analyst Sudeep Shah of SBI Securities identified the 23,000-23,050 zone as crucial support, noting it aligns with the previous swing low and 61.8% Fibonacci retracement of the prior rally. The daily RSI rebounded from a low of 22.23 to 34.17 and showed a bullish crossover, suggesting moderation in the correction's intensity. Shah outlined a technical outlook for Nifty, Bank Nifty, and IT sectors while naming five Tata stocks as promising picks for the coming week. The index remains below its short- and long-term moving averages, which continue to trend downward.
Why it matters
Retail investors tracking equity markets gain clarity on near-term Nifty levels and potential reversal signals from technical indicators. Sudeep Shah's Tata stock recommendations provide actionable insights for traders seeking opportunities in the conglomerate's shares.
Read the original report — Economic Times
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