IGI Logo

Daily Technical View on Nifty

* Nifty rose for 3rd day out of past four sessions on March 21 aided by overnight gains in the US markets.

* At close, Nifty was up 0.70% or 119.1 points at 17107.5. Volumes on the NSE did not expand despite gains in the Nifty.

* Broad market indices rose less than the Nifty even as the advance decline ratio rose to 1.37:1.

* Nifty followed up on the upside post the hammer formed on the previous day.

* Nifty has formed higher top and higher bottom on the daily line chart, which indicates bullish trend reversal for the short term.

* Nifty has closed above its 5 days EMA, which is the first sign of trend reversal.

* A move about 17146 could take the Nifty to 17255 in the near term. On falls 16985 could offer support.

* Long to Short ratio by FII in Index Future reached to the oversold zone and therefore we can expect sharp short covering in benchmark indices.

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