Sudeep Shah, Head – Technical Research and derivatives, SBI Securities
Market Insight: Talking about the further move of the market, SBI Securities Technical Research and Derivatives Head Sudeep Shah said that the Equity Benchmark Index Nifty and Sensex did a softening throughout the trading session today but the Nifty closed in green mark due to the rapid bounce in the last hour of the day. This boom of the market came on the basis of positive global signals and the Soft trend of the Reserve Bank of India. Nifty Metal and Nifty India Defense saw a rise of 1.8-2 percent. While the PSU bank index saw a rise of 1.12 percent. On the other hand, Nifty Healthcare and Nifty Realty were the two biggest sectoral louquars. Tata Steel and Power Grid were among the fastest fastest stocks. While Max Health and Tech Mahindra were the most fallen shares.
Small and strong shares were rose, causing overall sentiments during business. The midcap 100 index and smallcap 100 index saw an increase of 0.83% and 0.69%. The advanced-decline ratio was in favor of stunning. The Nifty closed with a total of 329 shares out of 500.
Nifty view
The Nifty was sideways in most of the day of the day. Facing strong resistance around 24,840–24,850, it gained momentum in the last hour of the day and closed at 24,894 with a gain of 0.23%. The index created a bullish candle and closed on the lead for the second consecutive day. The Nifty closed above the 100-day EMA zone located near 24,740-24,750. This is an indication that this zone is now acting as immediate support.
The Nifty is trading above its 200-day EMA (24,411), but is facing resistance on 20-Day EMA (24,914), which can limit its boom. For further speed, it is necessary for the Nifty to remain above these levels.
The RSI is almost bouncing from the oversold zone, but is slightly below the neutral point of 50 which is a sign of alert with the scope of recovery. The MACD indicator is built in the negative zone, but the histogram is showing smaller red straps, indicating that the recession speed is gradually weakening and if the improvement continues, a rapid crossover may emerge.
Talking at important levels for Nifty, the zone of 24,920-24,950 will work as an immediate resistance for the index. If the Nifty manages to move above a level of 24,950, this decline may increase further to 25,100 levels. Whereas, at the bottom, the zone of 24,800–24,750 will act as an important support for Nifty.
Experts Views: Market short -term trend positive, 25200 levels in Nifty next week
Bank nifty view
Bank Nifty has created a large bullish candle on the daily chart, indicating frequent purchases at the lower levels. The bank is increasing the ratio line in the Nifty/Nifty ratio chart and is trading above all important moving averages, indicating that the bank is performing much better than the Nifty, Nifty index. The index is trading above its 200-day EMA (53,833) and re-regaining the short and mid-term EMA clusters is a sign of the return of fast.
RSI is moving towards the 60 level. It also indicates a strong boom with the scope of the lead further. The ADX indicator crosses the +DI -DI confirms that buyers are in a fast mood. The MACD has become positive with a new speedy crossover, which has a green histogram bar support, indicating the continuation of the fast.
The overall structure of the market shows that the bank is ready to re -leadership after a phase of Nifty Consolidation. If you look at the important levels for the bank Nifty, then the 55,700-55,800 zone will work as a immediate resistance for the index. If the index is successful in moving above the level of 55,800, this boom may increase up to 56,300 and then to 56,600. Whereas, at the bottom, the 55,200–55,100 zone will act as an important support for the index.
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