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Nifty on Course to Hit a New All-Time High

Nov 28, 2022

Indian share markets opened on a negative note today following the trend on SGX Nifty.

The sentiment was dampened following negative opening from Asian peers following news of growing unrest in China over Covid restrictions.

While the Nifty 50 index opened on a negative note, bulls are buying from the word go.

Technically, the rounding pattern breakout is visible on charts and the index has re-tested the breakout level (orange horizontal lines in chart below) and is heading higher.

Nifty Technical Chart


Additionally, the 50HEAM (Hourly Exponential Moving Average) will be acting as a support level for an ongoing bullish trend.

Stochastic, the momentum indicator, is indicating the bulls are having an upper hand by the positive crossover on the chart.

The low of 18,365 will be the trend change level for the Nifty. Till then it's everything for the bulls on chart.

A New All-Time High on the Nifty is Coming!

As I write this, the Nifty is trading at around 17,540, up by 99 points. Reliance and ONGC are the top gainers today. Sun Pharma and Tata Steel are the laggards.

Last week, I highlighted that the Nifty Realty index was building momentum.

Today, the index is up 0.6%. Oberoi Realty and Indiabulls Real Estate are leading with 2% gains.

If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setups, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.

To know more about how the Nifty and Bank Nifty index are performing, please see the NSE Nifty Live Chart and NSE Bank Nifty long term chart.

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Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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