Market breadth was positive on the BSE/NSE - HDFC Securities
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities 1.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 ended with modest gains on Thursday after a gap up opening. Nifty finally gained 41.3 points or 0.17% to close at 24,811.5. 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: Short term uptrend looks set to continue
On Nifty 15 min chart, we can observe that Nifty bounced back from close to the 50 period MA on Wednesday and is now consolidating in a tight range above the 50 period MA. This indicates that the near term uptrend is intact.
Crucial supports to watch in the very near term are at 24784-24654.
Nifty: Daily chart indicates uptrend could continue
* The daily timeframe indicates that Nifty has broken out of a range after consolidating above the 50 day SMA last week.
* Nifty has also filled the upper gap area at 24687 as it closed above it on Tuesday. We can therefore expect the Nifty to head towards the current life highs of 25078. Momentum indicators like the 14-day RSI too have bounced back from their recent lows and at 60.44 is not overbought. Our bullish bets will be off if the Nifty corrects and moves below the recent swing lows of 24099.
* Sectorally, most of the sectoral indices are looking positive on the charts. The stronger sectors are Bank Nifty, FMCG, PSU Banks and Metal.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
![](https://portfolio.investmentguruindia.com/uploads/news/Max Financial Services Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Piyush Goyal24.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/HPCLLtd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/railway24.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Hero Motocorp Ltd 1.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Signature Global 24.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Startup_48.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/IPO7.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/IIM Bangalore24.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MRF Ltd.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/religare broking.jpg)
Banking index witnessed profit taking in the second half and closed the session lower by aro...
![Mid-market comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker](https://portfolio.investmentguruindia.com/uploads/news/shrey jain.jpg)
![Opening Bell : Markets likely to open in green tracking overnight gains on Wall Street](https://portfolio.investmentguruindia.com/uploads/news/Broker _16.jpg)
![The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start - Arete Securities](https://portfolio.investmentguruindia.com/uploads/news/c88be34b215430c019f202ab807a1103.jpg)