Trade Setup For Oct 19: Nifty Finds Resistance At 23,400-23,800 As Nifty Forms Bullish Weekly Candlestick
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- ✓The NSE Nifty 50 is expected to open neutral to green on Monday, Oct.
- ✓The index found support near 22,390, forming a bullish weekly candlestick.
- ✓Analyst Sudeep Shah said, "As long as Nifty sustains above 22,750, the recovery is likely to extend." Resistance remains at 23,400 and 23,800 levels.
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The NSE Nifty 50 is expected to open neutral to green on Monday, Oct. 19, as the weekly chart formed a strong bullish-bodied candlestick after the index found support near the 200-week extended moving average around 22,390, as per Hitesh Tailor, research analyst, Choice Broking.
Indian equity benchmarks, Sensex and Nifty 50, extended gains to a second consecutive session on Friday, led by IT, Metal and Auto stocks, on Friday, Oct. 16.
The BSE Sensex ended at 74,729.27 levels, up 413.66 points or 0.56%. On the other hand, NSE Nifty 50 closed at 23,146.15 levels, up 0.65% or 148.80 points.
On the upside Tailor identified immediate resistance placed at 23,400 and 23,800.
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