Markets surged higher on Thursday to close at yet another new life high - HDFC Securities
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Daily Technical View on Nifty
Market: Observation
• Markets surged higher on Thursday to close at yet another new life high. It was the fifth consecutive positive closing for the Nifty. Nifty finally gained 123.95 points or 0.57% to close at 21,778.7. Broad market indices like the BSE Mid Cap index gained more, thereby out performing the Sensex/Nifty. Market breadth was however negative on the BSE/NSE. Nifty: Uptrend still intact
• Zooming into 15 min chart, we observe that Nifty opened on a positive note and gradually climbed during the day.
• In the process, it continues to hold above the 20 period MA on the 15 min chart. This indicates that the near term uptrend is intact and opens the possibility of the rally continuing. Crucial supports to watch for a short term reversal are at 21730.
• Nifty: At life highs and in a short term uptrend
• On the daily chart, the Nifty has retraced more than 61.8% of the losses seen on last Wednesday and has convincingly crossed the recent intermediate highs of 21593.
• The short term trend therefore continues to remain up. Momentum readings like the 14-day RSI too have bounced back and are not extremely overbought, suggesting scope for more upsides.
• Crucial supports to watch for re emergence of weakness are at 21678-21593.
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