Nifty finally gained 68.75 points or 0.31% to close at 22,597.8 - HDFC Securities
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Market: Observation
Markets rallied on Wednesday after a positive opening. Nifty finally gained 68.75 points or 0.31% to close at 22,597.8. Broad market indices like the BSE Small Cap index gained less, thereby underperforming the Sensex/Nifty. Market breadth was positive on the BSE/NSE.
Nifty: Breaks out
* Zooming into 15 min chart, we observe that Nifty witnessed a minor sell off in the morning, but quickly recovered from the lows and gradually climbed higher to close near the highs of the day.
* In the process, Nifty has now broken out of the 22400-22600 levels in which it was consolidating recently. The 20 and 50 period MA on the 15 min chart were supporting the Nifty index throughout the session.
Nifty: Remains above 20 and 50 day SMA
* On daily chart, Nifty continues to hold above the 20 and 50 day SMA, which is a positive signal. 14-day RSI at 59.83 is rising and not overbought, which is encouraging.
* With the near term uptrend intact and Nifty breaking out of the 22600 resistance, the index could now head towards the life highs of 22795 in the coming sessions. Crucial supports are now at 22483-22404.
* Most of the sectoral indices too are in uptrend which increases the probability of the Nifty testing the current life highs.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
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