India 50 index approaches resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The India 50 index has not been reviewed since December 2. Since that date the stocks have broken the 2021 ascending channel pattern, revealed a new channel down pattern and an all-time-high resistance zone at 18,380.00/18,600.00.

Most recently, during mid-March, the rate surged above the 50 and 200-day simple moving averages and reached the resistance of the 17,500.00 level. In the meantime, on March 23 it was observed that the moving averages were acting as support.

If the Indian stocks surge above the 17,500.00 mark, the index would encounter resistance in the form of the upper trend line of the channel down pattern, which captures the decline that has been occurring since October.

However, a decline would have to pass below the 50 and 200-day simple moving averages, before approaching the 16,500.00 and 16,000.00 levels
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