The 14-day RSI too is in rising mode now after recently bouncing back from oversold levels - HDFC Securities
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Daily Technical View on Nifty
Market: Observation
* Markets ended higher on Thursday after a volatile session that saw the Nifty swinging wildly in both directions. The bulls had the last laugh as Nifty finally gained 203.3 points or 0.92% to close at 22,403.85. Broad market indices like the BSE Mid Cap index gained more, thereby outperforming the Sensex/Nifty. Market breadth was positive on the BSE/NSE.
Nifty: Breaks out of an intraday range
* Zooming into 15 min chart, we observe that Nifty opened with an upgap. But was unable to sustain due to stiff resistances and came down. Nifty again rebounded but found resistance and came down sharply and dived into negative territory. A sharp bounce back in the last hour of trade ensured the Nifty ended with healthy gains.
* In the process, Nifty has now broken out of a two day range. And is also above the 20 and 50 period MA on the 15 min chart, which is encouraging.
Nifty: Closes above 20 and 50 day SMA
* On the daily chart, we can observe that Nifty has recently bounced back from a low of 21821 and has moved higher for three consecutive sessions. The index is now holding above the trend line support connecting the swing lows of the last three months.
* And after taking a breather on Wednesday, Nifty has moved higher and closed above the 20 and 50 day SMA, which was acting as a resistance. The 14-day RSI too is in rising mode now after recently bouncing back from oversold levels.
* Nifty could therefore now move higher towards the current life highs of 22795 in the coming sessions.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
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Pre-market comment by Deven Mehata , Choice Broking
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