IGI Logo

Daily Technical View on Nifty

* After forming lower top and lower bottom formation, Nifty has been trading in the falling wedge pattern on the daily chart. The pattern projects the resistance near 21600, while support for the same comes near 21150. 50 days EMA for Nifty is placed at 21100 odd levels., which can also offer support in the Nifty. Far support for Nifty comes near 20900 levels, where upward sloping trend line adjoining the weekly highs of 21 July 2023 and 15 September 2023 is placed.

* Nifty Midcap and small cap indices have stuck in to the congestion zone where direction is missing for the short term. These indices are expected to remain choppy in the coming days. However breadth of the market is still strong as still 84% of the NSE500 stocks are trading above their 200 DMA.

* Considering the technical evidences discussed above, we believe that stock specific bullish trend would continue while benchmark indices could consolidate before the major event of interim budget.

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337