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Daily Technical View on Nifty

Market: Observation

* Markets ended with modest gains on Wednesday after a weak opening. The Nifty finally gained 27.45 points or 0.16% to close at 17,604.95. Broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.

Nifty: Short term trend remains up

* Zooming into 15 minute chart, we see Nifty initially opened on a negative note, but soon bounced back to close nearthe highs ofthe day.

* The index has in the process made a higher intraday bottom and remains in a short term uptrend.

* There has also been a positive MA crossover on the 15 min chart as the 20 period MA has moved above the 50 periodMA.

Nifty:Daily chart shows index couldrise further

* On Daily chart, we observe that Nifty has found support near the 20 day SMA and bounced back on Wednesday.

* The Nifty could now attempt to move higher and break out of the downward sloping trend line that has held down the major highs of 2021 and 2022. Our bullish view would turn wrong if the Nifty moves lower and fails to hold above the 20 day SMA, currently at 17432.

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