Carrying on from Tuesday, markets moved up further on Wednesday to end the session By Mr. Subash Gangadharan ,HDFC securities
Below are Views On Carrying on from Tuesday, markets moved up further on Wednesday to end the session By Mr. Subash Gangadharan, Senior Technical & Derivative Analyst,HDFC securities
Carrying on from Tuesday, markets moved up further on Wednesday to end the session with healthy gains. The Nifty finally gained 76.4 points or 0.51% to close at 15,174.8. Broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE. Sectorally, the top gainers were the BSE Metal, IT, Healthcare and CD indices. The top losers were the BSE Oil and Gas and Power indices.
Zooming into the 15 minute chart, we can see that the Nifty opened today with an up gap thereby breaking out of the 14862-15111 range that the Nifty has been trading within for the last few sessions. The Nifty then traded in a range with the 20 period moving average on the 15 minute chart providing support. This is a positive signal for the near term.
On the daily chart, the Nifty remains in uptrend and continues to trade above the 20 day SMA. With the Nifty now breaking out of the 14862-15111 range, upside targets for the Nifty are at the recent high of 15273. Crucial support to watch for emergence of weakness are at 15100.
Conclusion: The Nifty has broken out of the 14862-15111 range. The index is now likely to test the recent high of 15273. Downside supports to watch for emergence of weakness are at 15100.
Request you to incorporate the same in your markets story today if possible.
