Market breadth was positive on the BSE/NSE - HDFC Securities
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Daily Technical View on Nifty
Market: Observation
* Markets rallied on Tuesday after a positive opening. Nifty finally gained 113.8 points or 0.51% to close at 22,217.85. Broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby outperforming the Sensex/Nifty. Market breadth was positive on the BSE/NSE.
Nifty: Intraday downtrend has reversed
* Zooming into 15 min chart, we observe that selling pressure in the last one hour of trade curbed Nifty’s gains on Tuesday.
* On the 15 min chart, we can see that the Nifty has broken out of Monday’s highs and also a downward sloping trend line, thereby reversing the recent intraday downtrend.
* The moving averages too confirm this as the 20 period SMA is now above the 50 period SMA on the 15 min chart.
Nifty: Needs to cross 20 and 50 day SMA
* On the daily chart, we can observe that Nifty has recently bounced back from a low of 21821 and has moved higher for three consecutive sessions. The index is now holding above the trend line support connecting the swing lows of the last three months.
* The 14-day RSI too has bounced back from oversold levels, which is encouraging.
* Traders will need to watch if the Nifty can now move above the 20 and 50 day SMA and take out the previous swing highs of 22308-22369 to reverse the current short term downtrend.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
Daily Market Analysis : The markets saw profit-taking today and closed nearly unchanged, fol...
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_2.jpg)
Opening Bell : Markets to get flat-to-negative start amid mixed global cues; IIP, CPI eyed -
![Market is expected to open gap down and likely to witness selling pressure during the day - Nirmal Bang Ltd](https://portfolio.investmentguruindia.com/uploads/news/Nirmal bang.jpg)
![India VIX closed with 3.37% gain at 13.04 level - Monarch Networth Capital Ltd](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![Market Outlook : The market witnessed mild profit booking on the last trading day of the year by Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/uploads/news/broker_1.jpg)