Nifty 50 technical analysis
Unsurprisingly, accompanying gains in the rupee has been a push higher in India’s benchmark stock index, the Nifty 50. It is up over 13% since finding a bottom in early March, guided higher by a rising trendline from then. Now, the index faces its next key test, a falling trendline from October 2021. Confirming a breakout above the latter may open the door to extending gains to the all-time high.
Getting there entails clearing the current 2022 peak at 18350. Still, a breakout under the rising trendline risks opening the door to a turn lower. With that in mind, immediate support seems to be the 61.8% Fibonacci retracement at 17482 before the midpoint kicks in at 17136. Further losses would then open the door to revisiting the current 2022-year low at 15671.
