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Nifty 50 Hovers Near Key Technical Levels
27 Feb
Summary
- Indian stock market sentiment is cautiously positive.
- Nifty 50 index oscillates between 200-DEMA and 50-DEMA.
- Key support at 25,350 and resistance at 25,650 noted.
The Indian stock market sentiment is currently characterized by a cautiously positive approach, as indicated by the Nifty 50 index's movement. The index has been observed trading within a narrow range, fluctuating between the 200-day Exponential Moving Average (DEMA) and the 50-day DEMA.
As of the most recent session, the Nifty 50 closed near the 25,500 level. For the index to build conviction and achieve greater clarity, a decisive move above the 25,650 level, which represents the 50EMA, is anticipated.
Conversely, on the downside, the index must sustain its position above the 25,350 mark, corresponding to the 200 DMA. Maintaining this support level is deemed essential to preserve the prevailing positive outlook in the coming trading sessions.
