ABSTRACT: Technical analysis has long been the working language of Indian index traders, yet artificial intelligence (AI) is now offered as a faster and more pattern-aware alternative. This study examines how market participants perceive traditional technical analysis (TTA) and AI-based analysis when applied to the Nifty 50 and Bank Nifty, the two most closely followed equity indices in India. Primary data were collected through a structured Google Forms questionnaire from 61 respondents selected by non-probability convenience sampling. The instrument contained five profile questions and ten five-point Likert statements covering Moving Average, RSI, MACD, Bollinger Bands, Candlestick and Heikin Ashi charts, AI-based analysis and a combined approach. Secondary material consisted of published literature on technical analysis and machine learning in Indian and global markets. Responses were analysed through frequency and percentage analysis. Respondents are more settled about the signal-generating value of traditional technical analysis (63.9% agree or strongly agree) than about the ability of AI to improve prediction accuracy (50.8%), although 57.4% believe AI can detect hidden patterns that conventional charting may miss. Neutral responses are unusually high across the questionnaire (27.9% to 49.2%); since 51.7% of respondents are beginners, this suggests limited hands-on exposure rather than settled scepticism. Only 42.6% agree that combining the two approaches improves decisions. The study concludes that AI is currently perceived as a promising supplement to, and not a substitute for, traditional technical analysis, and that any claim about relative performance requires back-tested evidence that a perception survey cannot provide.
ARTIFICIAL INTELLIGENCE AND TRADITIONAL TECHNICAL ANALYSIS: A PERCEPTION-BASED
COMPARATIVE STUDY OF NIFTY 50 AND BANK NIFTYNT SYSTEM
GAURAV J. JAGDALE,DR. SONALI NANDU