IGI Logo

Technical Outlook:

Nifty (Spot):

Nifty is giving a proper follow-up to the bullish morning star candlestick formation formed on the weekly chart and it also manages to close above the cluster of 100 and 50-DMA. The previous swing high of 17640 is an immediate hurdle however there is a good chance that Nifty may take out this level for a move towards the 18000-18200 zone. On the downside, 17500 will act as immediate and strong support as we have seen meaningful put writing at this level whereas it is also a cluster of 50 and 100-DMA.

Banknifty (Spot):

Banknifty witnessed a sharp short-short covering rally after it managed to cross the cluster of 20 and 200-DMA which is currently placed in the 35700-35800 zone. On the upside, it is likely to head towards the cluster of 50 and 100-DMA that is currently placed at 37250 level while 36000-35700 will act as a strong support zone now.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.swastika.co.in/disclaimer
SEBI Reg. No. :  NSE/BSE/MSEI: INZ000192732

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