The bulls were back in action ahead of the F&O expiry, which helped Sensex close above the crucial 58,000 level. Investors cheered reports that both Russia and Ukraine are holding peace talks, bringing some stability to markets around the world. Indian markets rose for the third day today on positive signals on Russia-Ukraine peace talks. With the lockdown in China, markets are expected to remain volatile in the period ahead. Another important aspect was the drop in crude oil prices, which would help contain rising inflation.
Currently, the market is trading near its key resistance level and has
also formed a minor hammer candlestick formation. We think that as long as the
Nifty trades above 17409, the breakout structure is likely to continue to 17636-17830.
On the downside, the index below 17200 could retest the 17033-16931 level.
Technically, Nifty has been steadily rising for the past three trading
sessions, moving above the previous swing highs. Additionally, the index has
held above the 100-EMA on the daily chart, indicating bullish strength for the
day ahead. A momentum indicator RSI (14) is moving above the 60 level and the
MACD is showing a positive crossover supporting the uptrend. Currently the
index has support at 17113 while resistance lies at 17470. On the upside, Bank
Nifty has support at 35106 while resistance lies at 36518.
Resistance: 17273, 17393, 17491
Support: 17045,
16956, 16836
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