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Published on 30-04-2024 11:32 am

BASE METAL UPDATE:

Base metals are trading mixed as yesterday’s weak European PMI was negative for base metals. Nickel continues to outperform while Aluminum continues to underperform.

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Published on 30-04-2024 11:30 am

Gold

Gold has corrected from its all time high and we might see some much needed correction. The prices are trading steady near the support zone of 70400 so buy on dips near 70700 for tgt of 71600 and stoploss of 70200.

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Published on 30-04-2024 10:34 am

Conclusion: The short-term uptrend of Nifty seems to have resumed after one day of weakness. The next upside levels to be watched around 22800-22900. Immediate support is at 22500.

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Published on 30-04-2024 10:34 am

Daily Technical View on Nifty

Negation of bearish pattern..

Observation: After showing sharp weakness on Friday, Nifty witnessed an excellent upside bounce on Monday and closed the day higher by 223 points. After opening with a positive note, the market continues to move up after a small knee jerk action in the early trade. The gains extended in the mid to later part of the session and Nifty finally closed near the highs. A long bull candle was formed on the daily chart, beside the long negative candle of Friday. Technically, this pattern indicates a counter attack of bulls and a negation of previous bearish pattern of dark cloud cover of Friday. This is positive indication and is expected to open more upside in the coming sessions. The crucial hurdle of 22500 levels (opening downside gap of 15th April) has been challenged once again on Monday and Nifty closed above the said resistance area. The larger degree bullish pattern of higher tops and bottoms is intact and the Nifty is now moving up towards the new higher top formation of the pattern (above 22775 levels).

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Published on 30-04-2024 10:32 am

Technical Outlook

* Index started the session on a positive note led by strong cues and then continued to gain strength led by private lenders first and then well supported by strong rally in PSU banks . Price action thus formed a strong bull candle which pierced through life highs of 49057 , on expected lines, to record new all time high . In the process index gave a strong breakout from almost four months of consolidation phase

* Mondays price action is supported by good breadth and makes our positive stance even stronger . We expect index to eventually head towards 51000 levels over next couple of months while immediate target is placed at psychological mark of 50000 . We expect outperformance of corporate lenders in the process

* Key observation has been that Bank Nifty/Nifty relative performance ratio chart indicates strong outperformance from Bank Nifty over next 3 - 4 months . Since 2008 , in all six instances, whenever relative ratio line turned up from cycle low, Bank Nifty outperformed by 5 % over three -four months period

* We revise key immediate support for Index at 48000 as it is confluence of :

onfluence of :

* Last Fridays low

* Value of rising 20 -day ema at 48001

* 50 % retracement of past six session gains at 48026

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