Market on March 15, 2017
After a gap-up opening, the Nifty today crossed the swing high of 9122. After consolidating throughout the day, the Nifty spiked towards the end of the session and closed near the day’s high. In terms of bar patterns, the inside bar that was formed in the last session, has broken out on the upside today. On the daily chart, the Nifty has formed a runaway gap, which highlights underlying strength in the market. Therefore, the Index looks set to extend on the way up. Short-term and medium-term targets on the upside are 9230 and 9500, respectively. On the flip side, 9060-9000 will act as a key support area.
Other technical observations
On the daily chart, the Nifty is trading above the 20- day moving average (DMA) and the 40-DEMA, ie 8926 and 8788, respectively. The momentum indicator is in a bullish mode on the daily chart.
On the hourly chart, the Nifty is trading above the 20- hour moving average (HMA) and the 40-HEMA, ie 9105 and 9047, respectively. The hourly momentum indicator is in a bearish mode. The market breadth was positive, with 1072 advances and 438 declines on the National Stock Exchange.
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