Nifty 50 Forecast Today 24/01: Building A Base? (Video)

(MENAFN- Daily Forex)

• The Nifty 50 rallied slightly during the trading session on Thursday, but we still find ourselves hanging around the 23,000 rupee level.
• I think at this point in time, there is a large consolidation area that could offer a certain amount of support, probably all the way down to about 22,000 rupees.
• So, with that being said, I think you have to look at this as a market that could very well find buying in this area.

I would pay close attention to the 200 day EMA, which sits right around the 23,650 level, because of course is an area that a lot of people will pay attention to from a technical analysis standpoint and it's also worth noting that the 50 day EMA is starting to drift towards that level so, you could get the so-called death cross. It's normally really late and I don't like that indicator, but it is one that will cause a reaction from some people.

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If we can clear both of those moving averages, then I think the market is looking at the 24,800 rupee level. This will more likely than not be a bit of a scenario where we are trying to find some type of bottom and that could be a very messy ordeal. But as long as we stay above the 22,750 repeat level, I think we start to lean in that direction. What I need to see is an impulsive, like a nice impulsive candlestick to the upside to start getting involved in the long direction in the 50 going forward. If we get that, then it might be a good sign going forward. Until then, I would anticipate a lot of choppy back and forth behavior in this market. This would make sense, but also be a somewhat positive sign, as turning points are typically noisy.

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