Nifty could take support from the above band while on upmoves it can face resistance in the 24567-24694 band in the near term - HDFC Securities Ltd
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Daily Technical View on Nifty
* Nifty extended its recovery for a second consecutive session on October 29 rebounding well from morning lows.
* Banks (including PSU Banks) did well for the second consecutive session.
* Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.47:1.
* Nifty formed a bullish candle on October 29 after forming triple bottom in the 24073- 24140 band and closed at its highest in 5 sessions.
* Its indicators are giving positive signals. The short term trend of Nifty seems to have turned bullish.
* Nifty could take support from the above band while on upmoves it can face resistance in the 24567-24694 band in the near term.
* From the sectors psubank and banknifty indices looks the strongest on the short term charts.
* Auto continued to remain weak and expected to underperform for the short term.
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