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01-01-1970 12:00 AM | Source: HDFC Securities Ltd
It is now important that the Nifty holds above the immediate support of 19296 - HDFC Securities
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Daily Technical View on Nifty

Market: Observation

Markets ended higher on Monday after a positive opening. Nifty finally gained 83.45 points or 0.43% to close at 19,393.6. Broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby out performing the Sensex/Nifty. Market breadth was positive/negative on the BSE/NSE.

Nifty: Short term supports need to hold

Zooming into 15 min chart, we observe that while buying was seen in Nifty through the day, selling in the last 30 min of trade curbed the gains.

It is now important that the Nifty holds above the immediate support of 19296; else the current uptrend would reverse.

Nifty: Near crucial supports

On the daily chart, we can observe that Nifty has again showed some weakness after bouncing from the 50 day SMA. So unless, it can convincingly take out Monday’s highs of 19426, there is a good chance it may retest the 50 day SMA at 19317. And if it breaks 19317-19296, a bigger correction is likely.

In terms of strategy, we recommend a go slow approach with respect to fresh long positions till we see signs of sustainable strength.

 

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