Market on March 20, 2017
The Nifty opened marginally above the daily upper Bollinger Band only to face resistance at the higher level. In the first half of the session, the index traded with a downward bias, but the selling pressure was absorbed in the second half, when the Nifty found support near the hourly lower Bollinger Band. In terms of wave structure, the rally is getting sub-divided into lower degree waves and has the potential to sustain. The minor correction can be taken as a buying opportunity. 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 from a short-term perspective.
Other technical observations
On the daily chart, the Nifty is trading above the 20- day moving average (DMA) and the 40-DEMA, ie 8965 and 8822, respectively. The momentum indicator is in a bullish mode on the daily chart.
On the hourly chart, the Nifty is trading in between the 20-hour moving average (HMA) and the 40-HEMA, ie 9143 and 9094, respectively. The hourly momentum indicator is in a bearish mode. The market breadth was negative, with 696 advances and 772 declines on the National Stock Exchange.
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