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Daily Technical View on Nifty

• Nifty broke the 4 sessions losing streak to close at 16478 with the gain of more than 120 points

• Nifty ended the session with the bullish engulfing pattern on the daily chart

• BankNifty ended up with a bullish Piercing line candlestick pattern on the daily chart

• Nifty found bullish momentum in the second half of the session

• Advance decline ratio also improved and ended positive towards the end of the session

• Next resistance for the Nifty is seen at its 50 days EMA, placed at 16641.

• Yesterday’s low has become a strong support for the short term in Nifty • Nifty Oil & Gas and Auto continued to remain strong. However, IT, Pharma, and INFRA indices gave a strong close after a long time

• Traders should approach Nifty and sectors mentioned above with a positive bias at least for the short-term trading.

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