Markets ended with hefty gains on Wednesday after a gap up opening - HDFC Securities
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Daily Technical View on Nifty
Market: Observation
• Markets ended with hefty gains on Wednesday after a gap up opening. The index surged higher to close at the highs of the day. It was the second consecutive session of gains for the Nifty. The Nifty finally gained 197.05 points or 1.14% to close at 17,463.8. Broad market indices like the BSE Mid Cap index gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.
Nifty: 15 min chart indicates an uptrend
• Zooming into 15 minute chart, we see that Nifty opened with an up gap and after a consolidation proceeded to move higher towards the closing.
• We also observe a positive moving average crossover as the 20 period MA has moved above the 50 period MA on the 15 min chart. This is a positive indication for the very near term. Nifty could now test 17571 levels in next 1-2 sessions.
Nifty: Daily chart shows rally could continue
• With Nifty bouncing back from close to its trend line support on Tuesday and surging higher on Wednesday, the bulls seem to be back.
• The Nifty has also closed above the 50 day SMA, which is a positive signal.
• We therefore expect the Nifty to rally towards the 20 day SMA at 17641 in the coming sessions. Our bullish bets would be off if the supports of 17339 are broken.
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