In the second half, Nifty found resistance at 24498 and registered a fall of almost 200 points from the day`s high - HDFC Securities Ltd
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Daily Technical View on Nifty
* Nifty remained within the range of yesterday’s trade and ended with the loss of 0.51% to close at 24340.
* Nifty continued to find resistance in the zone of 24480-24500.
* In the second half, Nifty found resistance at 24498 and registered a fall of almost 200 points from the day’s high.
* Broad market indices ended in the positive with Smallcap index ending 1.5% higher even as the advance decline ratio rose to 3.2:1.
* For last three trading sessions, Nifty has been hitting higher lows which has kept hope alive for bullish trend to hold in the short term.
* Nifty is still trading below its 5, 10, 20, 50 and 100 days EMA, which indicates positional downtrend.
* Any level above 24500 could bring some fresh bullish momentum and pull the index towards the next resistance of 24650.
* However, any level below 24140 would result in to resumption of a positional downtrend, which could drag Nifty towards 23900.
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