“Nifty is showing bullish momentum and closed above 17500 on Wednesday. Nifty short covering move towards 17770 expected above 17500 In terms of levels, 17410 – 17350 shall act as crucial support for Nifty while 17625 – 17650 is the immediate hurdle zone and the short-term target,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas. “On the hourly charts we can observe a negative divergence on the hourly momentum indicator which is a sign of caution however it needs to be confirmed by weakness in the price action and we see no evidence of it as of now hence we shall continue to ride the up move. Nifty immediate hurdle zone at 17625–17650 Coming to the OI Data, on the call side, the highest OI was observed at 17700 followed by 17800 strike prices while on the put side, the highest OI was at 17500 strike price,” said Om Mehra, Equity Research Analyst at Choice Broking. Stock-specific action would drive the market in the coming days too. The Middle Bollinger band is also acting as important support as well. Bears remain in the trap as important 17500 zones are sustained. “Nifty has formed a bullish candlestick on the daily timeframe. Bears remain in trap as Nifty’s important 17500 level is sustained Analyst – Technical & Derivative Research, Angel One Ltd. On the flip side, the 17400-17350 is expected to cushion any minor correction, while the unfilled gap around the 17200 holds the sacrosanct support zone,” said Osho Krishan, Sr. As far as levels are concerned, the pivotal level of 17600 is the immediate hurdle for Nifty, surpassing which the index could re-test the recent swing high of 17800 in a comparable period. “The bulls have taken control of the market, which is evident in the technical chart with Nifty testing the 200 SMA and the bearish gap on the daily time frame. Nifty levels of 17400-17350 expected to cushion minor correction The current uptrend may remain in force until the Nifty falls below 17350,” said Rupak De, Senior Technical Analyst at LKP Securities. On the higher end, the index may move towards 17800. The momentum oscillator RSI is in bullish crossover and rising, which suggests positive momentum for the near term. Besides, the index has moved above the critical 200DMA after several days, suggesting increasing bullishness. “Nifty has given a falling channel breakout on the daily chart. Share Market LIVE: Nifty, Sensex may remain volatile on F&O expiry Investors await RBI MPC decision Uptrend may remain in force until Nifty falls below 17350
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