The Nifty has to decisively surpass the last week’s high of 18,184 to gain momentum. Initial hurdles will be 18,200 and 18,300, while support will be at 18,000, experts said
Sunil Shankar Matkar
January 23, 2023 / 05:10 PM IST
The Nifty traded higher on January 23 on widespread buying and positive Asian and European cues and closed 91 points higher at 18,118, snapping a two-day losing streak.
The index opened higher at 18,118 and extended the uptrend to hit the day’s high of 18,163. It reversed some of the gains in the afternoon to sink to the day’s low of 18,063 but managed to get back above 18,100 in the last hour of trade.
It formed a long-legged Doji pattern on the daily charts, indicating a tug-of-war between the bulls and the bears. In the long-legged Doji, prices close at or near opening levels with long upper and lower shadows, signalling indecision. It also shows uncertainty in the market or the possibility of a reversal in market trend.
The Nifty has to decisively surpass the last week’s high of 18,184 for a strong momentum, where initial hurdles will be 18,200 and 18,300 and support at 18,000, experts said.
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
