Nifty 50 index has reversed its recent downtrend ahead of the much-awaited result of assembly polls in five states - HDFC Securities
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Daily Technical View on Nifty
Pullback Likely to Extend
* Nifty 50 index has reversed its recent downtrend ahead of the much-awaited result of assembly polls in five states, as it has crossed the 5 day EMA (first time in the March month).
* Nifty has also filled the down gap made on 07 March 2022. Advances were outnumbered the declines with huge margin where advance decline ratio stood at 3.88 on BSE(Highest since June 2020), Indicating strong breadth.
* Upside acceleration towards the 16700 levels is likely where 200 day EMA is placed. Therefore, for traders our advice is to accumulate longs with the immediate target of 16700 levels. Far resistance is placed around 17050 levels. Longs should be protected with the stop loss of 15990 levels
* Rate sensitive sectors like Auto, Banks, Finance and Realty are looking strong and can extend the pullback.
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