From the chart of the Nifty 50 index that you shared, a few key indicators can be used to determine the buy zone:
Commodity Channel Index (CCI):
The CCI is currently around -66.39, below the typical oversold threshold of -100, indicating that the index is nearing a potential buy zone. Once the CCI crosses back up from oversold levels, it could signal a buying opportunity.
Stochastic RSI:
The Stochastic RSI
is around 18.31, which is below the oversold threshold of 20. When the Stochastic RSI moves upward and crosses back over the 20 level, it could also indicate a potential buy signal.
Price Action and Support Level:
The price has slightly consolidated after a recent drop. If it holds around 25,000 and does not break below the next support level (likely in the range of 24,800-24,900), it could suggest a potential buy zone.
Keep an eye on these indicators aligning (Stochastic RSI and CCI moving upward), along with volume activity, as that would strengthen the case for entering a buy position.
Price Action and Support Level:
The price has slightly consolidated after a recent drop. If it holds around 25,000 and does not break below the next support level (likely in the range of 24,800-24,900), it could suggest a potential buy zone.
Keep an eye on these indicators aligning (Stochastic RSI and CCI moving upward), along with volume activity, as that would strengthen the case for entering a buy position.
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