MENU

Published on 24/01/2020 5:56:57 PM | Source: Motilal Oswal Services Ltd

Nifty index opened flattish but witnessed buying interest throughout the entire trading session - Motilal Oswal

Posted in Market Outlook| #Market Outlook #Motilal Oswal

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Technical Commentary

Nifty index opened flattish but witnessed buying interest throughout the entire trading session. The benchmark indices took support around the 50 DEMA on daily chart and moved higher for second consecutive session. It negated its formation of lower highs after four trading sessions which indicates strength. It formed a Bullish Candle on daily chart whereas Bearish Engulfing get formed on Weekly scale, which implies that supply is visible at higher levels; but at the same time decline is being bought into. Momentum oscillator RSI is also took support around its recent swing lows of 44 - 46 zone and turned northwards. Going forward, if Nifty holds above 12150 levels, then an up move towards 12300 and 12350 cannot be ruled out. However, major support remains intact at 12100 and 12050 levels.

 

To Read Complete Report & Disclaimer Click Here

 

For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412

 

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