TO GET LIVE TRADING TIPS PING ON WHATSAPP 9039542248
The bulls came back strong today after quite a long wait, helped by the energy sector, which is seeing robust gross refining margins. The Indian stock market closed positive on April 21st, supported by buying across all sectors. To finish, the Sensex was up 874 points, to 57911 and the Nifty was up 256 points, to 17392. Approximately 2252 stocks are up, 1089 stocks are down, and 96 stocks are flat. Almost all sector indices, led by autos, traded in the green as the volatility index cooled. Previously, the 17200-17000 range has seen crucial moves on both sides. The last break down and the recent break up in this area has resulted in a strong follow-up move in the index on both sides. Having recently bounced back from near the 17500 level and the emerging strength of upside momentum suggests there is significant upside potential from here. Nifty's short-term trend remains positive. A sustained move above the immediate 17500-17600 resistance could open the next upside levels around 17700-18000 in the near term. Immediate support lies at 17200. On the derivatives front, the highest call OI is 17800 strike followed by 18000 strike, while on the put side the highest OI is 17200 strike followed by 17000 strike. Technically, the refined index has confirmed the breakout of the bullish Harami candlestick pattern on the daily chart, indicating a reversal move in the index. Additionally, a momentum indicator RSI (14) & stochastics saw a positive crossover, supporting the immediate trend. On the hourly chart, the refined index is also holding above 200-HMA, indicating a positive sideways movement. Currently the index has support at 17200 while resistance is at 17500 . The Bank Nifty Index formed a bullish reversal candle showing 36500 levels on the daily chart to act as a buffer to the downside. Momentum oscillators have also shown a reversal on the lower timeframe, confirming a pullback towards the 37000-37500 levels. Traders should maintain a buying approach with 36800 acting as immediate support.
Resistance: 17500, 17600, 17700
Support: 17300,
17200, 17000
No comments:
Post a Comment