IGI Logo

Daily Technical View on Nifty

* Nifty broke a two-day losing streak on Dec 8th , aided by optimism about China's major shift in its tough zero-COVID policy and on “as expected” outcome of state assembly elections.

* At the close, Nifty was up 0.26% or 49 points at 18609. Bank Nifty gained 1.16% to close at all time high levels.

* Among sectors, PSU Banks, Private banks and Media indices rose the most while Pharma and reality fell the most.

* Broad market indices outperformed the Nifty with advance decline ratio on BSE ended at 1.15:1.

* Nifty managed to hold its level above 20 simple DMA on Thursday, placed at 18500 odd levels. Any level above 18700 would confirm the breakout from the bullish “Flag” pattern.

* 10 DMA and 20 DMA for Nifty are in rising mode, which indicates positional uptrend.

* Bank Nifty has surpassed the crucial resistance of 43400 to close at fresh all time high levels and continue to outperform the Nifty

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