Nifty finally gained 162.4 points or 0.74% to close at 22,217.45 - HDFC Securities
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Daily Technical View on Nifty
Market: Observation
•Markets bounced back smartly on Thursday after the fall seen in the previous session. Nifty finally gained 162.4 points or 0.74% to close at 22,217.45. Broad market indices like the BSE Mid Cap index gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.
Nifty:
Recent downtrend reversed
•Zooming into 15 min chart, we observe that Nifty opened on a negative note and proceeded to move lower. It however found support at the 21875 levels and gradually bounced back to close at a new life high.
•In the process, it crossed its previous swing high, thereby reversing the recent short term downtrend.
Nifty: Could test new life highs
•On the daily chart, Nifty has bounced back smartly thereby retracing almost all the losses seen on Wednesday. The bounce back happened from close to the 20 day SMA and with the index also closing at a new life high, this is a healthy sign for the continuation of the uptrend.
•Technical indicators too are supporting the uptrend as the Nifty trades above the 20 day SMA and momentum indicators like the 14-day RSI too have bounced from the 9-day EMA.
•Short term consolidation at the highs is however not ruled out.
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