Powered by: Motilal Oswal
10/08/2022 9:41:24 AM | Source: HDFC Securities Ltd
Market breadth was positive on the BSE/NSE - HDFC Securities
News By Tags | #2034 #879
Market breadth was positive on the BSE/NSE - HDFC Securities

Daily Technical View on Nifty

Market: Observation

* Markets surged higher on Monday after a shaky opening. The Nifty rallied through the day. The Nifty finally gained 15.5 points or 0.09% to close at 17,397.5. Broad market indices like the BSE Mid Cap and Small Cap indices gained less, thereby under performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.

 

Nifty: Short term uptrend still intact

* Zooming into 15 minute chart, we see Nifty opened on a shaky note, but soon recovered and rallied higher for the rest of the trading session.

* While the short term uptrend remains intact, it is now matured as the 20 period and 50 period MA on the 15 min chart have flattened.

* The current short term uptrend would reverse with a move below 17348. Downside targets in thisscenario are at 17161-17061.

 

Nifty:Daily chart shows index couldrise further

* On Daily chart, we can observe that Nifty has broken out of a 5-day range on Monday. Technical indicators too are giving positive signals as the 20 day SMA is above the 50 day SMA and both these MAs are rising.

* We therefore feel that the uptrend is likely to continue. The index is however approaching a strong downward sloping trend line around the 17850 levels which could act as a resistance and halt the current uptrend, at least temporarily. Immediate supports to watch for weakness are at 17348-17215.

Nifty – Daily Timeframe chart

 

To Read Complete Report & Disclaimer Click Here

 

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here