Technical View: The Nifty 50 made a comeback for the first time in five consecutive sessions. Today, on 15 July, he recorded a gain of about half percent. While India VIX reached a 15 -month low. The index touched the level of 20-Day EMA (25,250) in the intraday business. However, it closed just below the resistance of 25,200. In order to move upwards continuously in the coming sessions, the index will have to cross the resistance zone of 25,300-25,350 and last up. According to experts, by then it can remain stable at a support level of 25,000. The Nifty 50 started flat and after the first hour of the business, it strengthened. It touched an intraday high level of 25,245 and maintained a boom in the remaining session. Then finally increased by 113.5 points to close at 25,196.
How can Nifty’s move be on Wednesday 16 July
The index created a bullish candle with a minor upper shadow on the daily chart. This pattern is indicating an attempt to return from the support zone of 25,000. However, there is still some pressure on high levels.
According to Nagraj Shetty of HDFC Securities, Tuesday’s boom may be a positive signal for the boom.
He said, “A permanent move above the urgent resistance of 25,350 can open the way for a faster in the near future. It contains immediate support at the level of 25,000.”
How can Bank Nifty move on Wednesday 16 July
After the Doji candlestick pattern in the previous season, the bank Nifty was strengthened. It made a bullish candle with a minor upper shadow. The index rose 241 points to close at 57,007.
The index is getting support near the upward sloping trendline. It recorded a significant decline in view of the baiing interest at the lower levels. The important thing is that the index went above its 20-day EMA. This is indicating better Momentum in the banking sector.
Sudip Shah of SBI Securities said, “The zone of 56,800-56,700 will work for immediate support for the index. Upwards, the zone of 57,200-57,300 will act as an important resistance for the zone index. Any permanent move above 57,300 levels will cause a faster gathering after 57,300 levels. After this, there will be a sharp bouncing level in the index. The level of 58,200 may be visible. “
Meanwhile, India VIX fell rapidly after climbing for a few days to close at 11.48 (the lowest closing level after 26 April, 2024). It has seen a decline of 4.17 percent. This decline is causing more stability and trust in the market.
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