Tech View: Nifty faces key hurdle at 20-EMA. What traders should do on Friday

Nifty on Thursday ended 173 points higher to test the immediate hurdle of short-term moving average i.e. 20-EMA, but it couldn’t surpass it amid weekly expiry.

On the daily charts we can observe that the index is in the process of retracing the fall it has witnessed from 22,526 – 21,710. The key retracement levels are placed at 22,118 – 22,214. So, the rally is likely to continue over the next few trading sessions. Intraday dips towards support zone 21,950 – 21,930 should be used as a buying opportunity, said Jatin Gedia of Sharekhan said.