Daily Nifty Trading Technical Report 29 April
MARKET SUMMARY:
The Indian equity benchmark index nifty witnessed profit booking for the second day in a row. The day was started on negative note where nifty remain in negative territory for the entire trading between narrow trading range of 6750-6786. Pharma & banking sector buck the trend & posted a decent gain while Capital goods & Auto sector were key dragger for the market. At the end nifty closed at 6761 mark with cut of 0.32%.
A dip in the range of 6775-6700 is a satisfactory buying opportunity to play uptrend
Daily Nifty Levels
Resistance: 6820/6840/6870
Pivot: 6765
Support: 6740/6700/6670
CHART FORMATIONS:
In yesterday’s trading session Nifty Market create some base around 6750 mark if that holds then we might see a short covering rally; traders are advised to play long if nifty trades above 6770 mark for first hour of the trade with stop loss at 6750.
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Daily Nifty Trading Technical Report 29 April
The Indian equity benchmark index nifty witnessed profit booking for the second day in a row. The day was started on negative note where nifty remain in negative territory for the entire trading between narrow trading range of 6750-6786. Pharma & banking sector buck the trend & posted a decent gain while Capital goods & Auto sector were key dragger for the market. At the end nifty closed at 6761 mark with cut of 0.32%.
A dip in the range of 6775-6700 is a satisfactory buying opportunity to play uptrend
Daily Nifty Levels
Resistance: 6820/6840/6870
Pivot: 6765
Support: 6740/6700/6670
CHART FORMATIONS:
- On daily chart nifty is moving in upsloping channel where 6730 is lower trendline support.
- Nifty witnessed follow up of bearish engulfing candlestick pattern on daily chart.
- On weekly chart nifty formed an indecisive doji candlestick formation.
- At any sharp correction nifty has strong support at previous breakout level of 6575 mark.
- Nifty is trading below 9-day EMA of 6775 while 20-day EMA of 6713 will act as a decent support for nifty.
- Momentum Indicator RSI showing negative divergence whereas stochastic is moreover negatively poised.
- CCI has slipped below 0 mark whereas MACD is showing negative divergence.
In yesterday’s trading session Nifty Market create some base around 6750 mark if that holds then we might see a short covering rally; traders are advised to play long if nifty trades above 6770 mark for first hour of the trade with stop loss at 6750.
Read More
Daily Nifty Trading Technical Report 29 April
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