Market breadth was positive on the BSE/NSE - HDFC Securities
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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
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