Sensex, Nifty remains robust over 50-SMA support, show technical charts

While the trend looks fragile, key supports are continuing to bolster the up move

The India benchmark indices have been on a downward spiral since past 12 sessions, with overall sentiment experiencing an ambiguous bias.  While the broader trend continues to bolster a bullish trend, the short-term weakness has seen taking toll on traders and investors. 

So far this year, both the BSE Sensex and Nifty 50 have risen 8 per cent, reaching new historic peak. The trend has been resilient, holding key support areas.

To understand these supports, let’s consider the technical outlook:- 

Here’s the technical outlook of key Indian indices: -
 

S&P BSE SENSEX

Outlook: Support of 50-SMA

The candlestick formation reveals a “Lower High, Lower Low” structure denoting mild weakness. However, the support of the 50-day simple moving average (SMA) preserves the upside bias. The 50-SMA is at 64,700-level. Only a close over 66,500 could see the index reversing in the positive bias, providing break through over the upper resisting trend line. CLICK HERE FOR THE CHART

NIFTY50

Outlook: Support of 50-SMA

Until the index is trading over the key support of 50-day simple moving average (SMA), the underlying trend continues to persist a bullish bias. The 50-SMA is placed at 19,181-level. 

On the higher side, the index needs to cross 19,800-mark to embark on the next up move, as per the current sideways move. CLICK HERE FOR THE CHART