Bulls won Tuesday roller coaster ride. Nifty opened flat, was in red for some time and finally closed in green on second consecutive day with gain of 131 points at 17822. At close Sensex was up by 429 points at 59728 and Nifty Bank was up by 148 points at 37728. After a negative opening, the nifty made an intraday low at 17640 levels, but bulls took charge and managed to close the session near the intraday high at 17822 level with a gain of 131 points. While BankNifty closed the session at 37741 level with a gain of 161 points.
On the technical basis, the Nifty has formed bullish
marabozu candle on daily time frame which points out strength in the counter.
Furthermore, the nifty has given closing above 21 & 50 HMA, which suggests
northward direction in the counter. Hourly momentum indicator MACD is trading
with positive crossover above the zero-level line as well as the index is
trading above Ichimoku cloud, which indicate upside momentum in the upcoming
session. At present, the Nifty has immediate support at 17750, while resistance
comes at 17900 levels. We can see Nifty
creating new record highs in near future.
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Resistance: 17900, 17950, 18000
Support: 17800, 17750, 17700
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