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Technical View: Follow-up buying above 20-DEMA needed to take Nifty 50 beyond 23,000; 55,000 crucial for...
Moneycontrol.com 1 hr ago·29 Oct 2026, 11:18 am
The Nifty 50 index is currently trading in a consolidation phase, with the 20-day Exponential Moving Average (DEMA) acting as a key support level. For the index to sustain its recent rally and push past the 23,000 mark, investors will need to see renewed buying interest above this technical threshold. This indicates that the market is waiting for a clear breakout signal to continue its upward momentum.
This technical level is significant because it often reflects the immediate sentiment of short-term traders. If the index holds above the 20-DEMA, it suggests that the broader market trend remains positive. However, if selling pressure increases at this point, it could signal a pause in the current rally. Investors should monitor volume and price action closely to gauge the strength of the next move.
Looking ahead, a decisive move above 23,000 could open the door for further gains, while a breakdown might lead to a correction. Traders are advised to keep a close watch on this support zone and broader market breadth to understand the underlying strength of the current uptrend.
Excerpt from Moneycontrol.com
Sustained trading above 20 DEMA to be crucial for Nifty to advance beyond 23,000 Until then, range-bound trading cannot be ruled out Immediate support is placed at 22,800–22,700 in your portfolio by Vishal Malkan The Nifty 50 bounced back sharply on October 29 after two sessions of mild correction amid consolidation,…Read the original at Moneycontrol.com
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