IGI Logo

Daily Technical View on Nifty

Observations

* Yesterday was yet another volatile session for Indian benchmark indices

* After gap up opening of 200 points, Nifty hit a high at 16768 in first 15 minutes, and then started correcting.

* Nifty ended lower by 108 points, to close at 16498

* On Daily chart, Nifty has ended up forming bearish engulfing pattern

* Nifty failed to surpass the crucial resistance of 16815, which happens to be the recent swing high.

* Indicators and oscillators still indicating continuation of a bearish trend for the short term

* Bank Nifty continued to underperform as it fell more than 1%.

* Bank Nifty has violated the crucial support of upward sloping trend line on the daily charts

* Bank Nifty is expected to continue with its underperform

* Immediate Support for Nifty is seen at 16203, while resistance is seen at 16815

* Sectors with bullish bias are Metals, PSE and Energy

* Sectors with bearish bias are FMCG, Auto and Banks.

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