Nifty 50 Today 08/05: Aims Higher On Trade Hopes (Video)

(MENAFN- Daily Forex)

• India had gapped lower to kick off the Wednesday session but turned around to show signs of strength again.
• Perhaps this is a reaction to the potential talks between the United States and China, which opens up the door for a lot of deals to be made.
• India would benefit from this because the idea is that naturally the United States would turn its attention on India and get a deal done rather quickly.

That being said, the reality is that the nifty 50 has broken above a significant barrier in the last couple of weeks. And now we are starting to look at the so-called golden cross when the 50 day EMA breaks above the 200 day EMA indicator, which is a very bullish sign. The golden cross is something that a lot longer terms and traders will pay close attention to.

On a Move Higher

If we can break to the upside, the 25,000 rupee level is what people will be watching as it was a swing high at the very end of last year breaking above that opens up the possibility of the nifty 50 of going all the way back to the highs near 26,300 rupee short-term pullbacks are very possible possibly even likely but I think there is a certain amount of support underneath near the 24,00 rupee level.

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The twenty three thousand four hundred rupee level is also support, so I pay close attention to that as well. And the fact that the moving averages sit in that same neighborhood also add more credence to this. Looking at this chart, the market is definitely one that seems to be wanting to go higher. And I think short term pullbacks continue to be buying opportunities in a strong emerging market that has seen a lot of inflows as of late.

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