WEEKLY RESISTANCE FOR NIFTY: 19200, 19400, 19600
PIVOT POINT: 19000
WEEKLY SUPPORT
FOR NIFTY: 18800, 18600, 18400
WEEKLY CHART FOR NIFTY
Weakness in global stock markets
over the weekend amid mounting concern over inflation data led to a muted open
for our equity markets on June 26, 2023. The benchmark index had a mild start
to the shortened week, remaining in a narrow range for the main part of the
session. By the end of the day, however, some recovery from the lows was seen
and the index eventually settled into positive territory, a little below the
18700 level, up 0.14% on the day. On June 27, 2023, the benchmark index got off
to an easy start to track global signals, staying within a narrow range for
most of the session. However, in the penultimate hour, the rush in high-beta
financials reignited optimism and the index soared towards the highest lifetime
zone. Finally, the Nifty50 index ended the day above the 18800 level, up 0.68%.
We started the Wednesday 28 June 2023 session on an upbeat note on favorable
global signals. Without wasting much time, the markets resumed their bullish
momentum in the first few trades, marking new highs past 18900 on a sustained
basis. Throughout the day, many industry players collectively pushed the Nifty
toward the 19,000 milestone. As this was a monthly decline session, the decline
factor played a role towards the end as Nifty pared some gains and closed the
session just below 19,000, firmly in the green, adding more than eight-tenths
of a percent to the bull market. Thursday market was shut on accounts of Eid. Domestic
equity benchmarks Sensex and Nifty closed at fresh closing highs on June 30 as
healthy macro indicators continue to keep investors bullish on the domestic
market's long-term prospects, while global signals are also improving on
concerns over a US recession The US is loosening up. Sensex closed 803
points, higher at 64718, while the Nifty closed the day at 19189, up 217 points.
It was the third consecutive uptrend for the Sensex and the fourth consecutive
uptrend for the Nifty.
NIFTY: STRONG SUPPORT& STRONG
RESISTANCE LEVEL
Looking ahead, there are chances for the index to move towards 19450 in
the short-term, which suggests further upward movement. On the downside,
however, there is support at 19,000. Overall, the market is showing bullish
traits at the moment, with the Nifty making new highs as long as it stays above
19,000.
TECHNICALLY SPEAKING
The bulls continued to dominate the
market as the Nifty hit a new all-time high. This rise in the Nifty followed a
breakout of a consolidation phase, indicating a strong bullish reversal. The
overall trend appears positive in the short-term as the index has consistently
stayed above its moving average. Additionally, the momentum indicator RSI has
shown a bullish crossover on the daily time frame, indicating strong momentum.
The picture is clear that India has proven highly resilient across all growth
parameters and is well positioned for the future. With most of the world's
economies, including China, experiencing slowing growth, India has emerged from
a bleak scenario, leaving investors with strong confidence in local equities.
Technically, a breakout continuation formation on the daily charts and a long
bullish candle on the weekly charts are supporting further uptrend. For bulls,
19100 and 19000 would act as key support areas, while 19250-19500 would be key
resistance areas. However, below 19,000 traders may prefer to exit the long
positions. As long as Bank Nifty trades above 44500, the breakout structure is
likely to hold and could rise to 45,000-45500.
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