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Daily Technical View on Nifty

Market: Observation

* Markets ended with modest gains on Friday after a gap up opening. A sell off from the highs curbed the gains. The Nifty finally gained 34.6 points or 0.19% to close at 17,833.35. Broad market indices like the BSE Mid Cap and Small Cap indices performed in line with the main indices. Market breadth was negative on the BSE/NSE.

Nifty: Short term trend is now UP

* Zooming into 15 minute chart, we see Nifty opened higher, but then came down and traded in a range. It is nevertheless holding above the 50 period MA on the 15 min chart.

* On the 60 min chart, we can observe that the Nifty has broken out of its recent trading range and made a higher bottom at 17691. So this is the support to watch for any short term trend reversal.

Nifty:Daily chart shows index couldmove higher

* On Daily chart, we observe that Nifty has broken out of the downward sloping trend line that has held down the highs of 2021 and 2022.

* Technical indicators too are giving positive signals as the index trades above an upward sloping 20 day and 50 day SMA.

* Further upsides are likely once the immediate resistance of 17926 is taken out. Upside targets in this scenario are at the previous highs of 17992.

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