Nifty remained highly volatile in yesterday’s trade, where swings were seen in both the direction - HDFC Securities
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Daily Technical View on Nifty
* Nifty remained highly volatile in yesterday’s trade, where swings were seen in both the direction
* Nifty broke previous day’s low but failed to registerfollow up selling
* From the day’s low of 15367, Nifty recovered more than 200 points
* Nifty is still placed below its 10 days EMA, which is currently placed at 15652 in spot
* Downward sloping trend line on the hourly charts, projects the short term resistance at 15630 odd levels
* Above 15630, Nifty is expected to extend the rally towards the next resistances of 15750 and 15863.
* Support is placed in the range of 15350-15400
* After exiting from the oversold zone, RSI is gradually moving up on the daily chart, which is good sign for bulls
* Auto, IT and Healthcare Indices closed on a strong wicket and should be kept on radar for follow up gains
* BankNifty is expected to register short covering once it surpasses 33450.
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