nifty technical analysis

 

Personal View | Nifty forms long bullish candle, indicates strong upside momentum.

If the Nifty50 decisively surpassed 17,300 and holds the same, then 17,500-17,600 looks possibility in coming sessions, with support at 18,000-18,100 levels.

Bulls came back with a vengeance on May 4 as the Nifty50 clocked nearly a one-percent gain after a day small correction and the FOMC delivered 25 bps hike in fed funds rate with giving signals about potential pause in rate hike cycle.

The index gained strength after initial volatility and extended northward journey as the day progressed to hit a day's high of 18,267.45 in late trade. Finally, it settled with 166 points gains at 18,256, the highest closing level since December 20 last year, forming long bullish candlestick pattern on the daily charts with a higher high, higher low formation.

If the index decisively surpassed 17,300 and holds the same, then 17,500-17,600 looks like a possibility in coming sessions, with support at 18,000-18,100 levels.

The rally was supported by banking & financial services, metal, technology, and pharma stocks.

A long bull candle pattern indicates a strong upside momentum in the market without any reasonable downside correction. The market is in a sharp up trended movement and resistances are being taken out on the upside one after another.

Nifty is now placed to witness sharp upside breakout of the crucial resistance zone of around 18,200-18,300 levels. Hence, a decisive move above this area could open the next upside targets of around 18,600-18,700 levels in the near term, while immediate support is placed at 18,150-18,100 levels.

Bank Nifty has also taken out the key resistance level of the 43,500 mark. After an initial hour of volatility, the banking index also got into the momentum and hit a day's high of 43,740 in late trade. It settled at 43,685, the highest closing level since December 14 last year, up 373 points and formed bullish candlestick pattern on the daily scale.

With fall in oil prices, and continuous buying by FIIs for the last few days also fueled the strength in the headline indices, while the broader market is showing great strength. The Nifty Midcap 100 and Smallcap 100 indices rose 0.6 percent and 0.8 percent respectively.

Thanks for Watching.


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