Benchmark indices ended lower in another volatile session on February 17th with Nifty holding above the 17300 level. The Sensex ended up up 104 points at 57892 and the Nifty up 17 points at 17304. ICICI Bank, Axis Bank, UltraTech Cement, IndusInd Bank and UPL were the biggest Nifty losers, while Tata Consumer Products, ONGC, HDFC, Reliance Industries and HDFC Life were among the winners. At the sector level, the Bank Index slipped 1 %, while the Power Index rose nearly 2 %. BSE midcap and smallcap indices ended lower.
On the technical front, the index has been trading with lower highs and lower lows, suggesting weakness for an upcoming session. Additionally, the index was trading below the Bollinger middle band, suggesting downward movement in the counter. On a daily chart, the index is trading below 21*50-DMA with the negative crossover, suggesting weakness for the next session. Additionally, the daily momentum indicators Stochastic and MACD were also trading with a negative crossover, adding to the price weakness. Currently the index has support at 17,130, a break below that may point further down to 17,000-16,800 while resistance lies at 17,500. On the upside, Bank Nifty has support at 36800 while resistance lies at 38500.
Resistance: 17350, 17425, 17575
Support: 17200,
17000, 16800
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