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Daily Technical View on Nifty

Attempt of upside breakout of the range..

Observation:

After showing a narrow range movement with weak bias in the last few sessions, Nifty shifted into a sustainable upside bounce on Monday and closed the day higher by 163 points.

After opening with a positive note, the market surged up further in the early part of the session. It later shifted into a range bound action with positive bias in the mid to later part of the session.

A long bull candle was formed on the daily chart, which is indicating an attempt of upside breakout of smaller range movement.

Having moved within a broader high low range of 25200-24700 levels in the last 3-4 sessions, Nifty has bounced back and is now placed near the upper range of 25200 levels.

Conclusion:

A sustainable move above the upper range of 25200 levels could be considered as an upside breakout of the key hurdle.

The anticipated action could eventually pull Nifty towards the next resistance of 25500-25600 levels in the near term. Immediate support is placed at 24900 levels.

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