IGI Logo

Daily Technical View on Nifty

* Nifty recovered on Dec 26 after a three day losing streak.

* Holiday in most global equity markets gave a chance to traders to ramp up stock values in India amidst low volumes.

* Nifty closed 1.17% or 207.8 points higher at 18014.6.

* Broad market indices rose more than the Nifty while the advance decline ratio jumped to 5.43:1.

* Defensive stocks underperformed while cyclicals bounced up smartly.

* Nifty bounced up well on Dec 26 and filled the down gap made on Dec 23, thus nullifying extreme bearishness.

* It could now face resistance at 18127 and take support at 17899 in the near term.

* Volumes could continue to be on the lower side as a lot of participants are on the year end holiday.

* 100 days EMA for Nifty is placed at 17834. Close below this support would resume down trend

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer