Nifty Daily Technical Report 21 April
MARKET SUMMARY:
It was a cheerful Thursday for bulls after three day’s correction in the market. As nifty approached to its support of 6650 bulls received a new opportunity to enter into market to chase the strong bullish trend. The day was started on positive note amid positive global market & then nifty takes off for the century & made a high at 6783 on the back of short covering & aggressive buying in May month contract. At the end nifty closed at 6679 mark with gain of 1.56%.
Nifty has immediate resistance zone of 6790-6820 for the fight of bulls & bears.
Daily Nifty Levels
Resistance: 6790/6820/6860
Pivot: 6748
Support: 6750/6725/6700
CHART FORMATIONS:
Nifty is in strong bullish trend yet 6790-6820 is immediate & strong resistance zone for nifty; if nifty will unable to surpass this zone then a correction may be seen where 6750 is immediate support; on the flip side a sustainable move above 6800 will lead continuation of rally. Hence trades are advised to watch first hour carefully & trade accordingly. For intraday 6800-6750 is the trading zone....Read More
Nifty Market Trading Tips
It was a cheerful Thursday for bulls after three day’s correction in the market. As nifty approached to its support of 6650 bulls received a new opportunity to enter into market to chase the strong bullish trend. The day was started on positive note amid positive global market & then nifty takes off for the century & made a high at 6783 on the back of short covering & aggressive buying in May month contract. At the end nifty closed at 6679 mark with gain of 1.56%.
Nifty has immediate resistance zone of 6790-6820 for the fight of bulls & bears.
Daily Nifty Levels
Resistance: 6790/6820/6860
Pivot: 6748
Support: 6750/6725/6700
CHART FORMATIONS:
- On daily chart nifty is moving in upsloping channel where it bounced back from lower trendline support. .
- On hourly chart if nifty will unable to cross 6790 mark then it is likely to form a bearish Head & shoulder formation.
- On weekly chart nifty formed a indecisive spinning candlestick formation.
- Nifty manages to hold its 21-day EMA of 6660 & closed above 9-day EMA of 6733.
- Momentum Indicator RSI & momentum oscillator stochastic are still negatively poised.
- CCI took support at -100mark & manages to close at 18 mark.
Nifty is in strong bullish trend yet 6790-6820 is immediate & strong resistance zone for nifty; if nifty will unable to surpass this zone then a correction may be seen where 6750 is immediate support; on the flip side a sustainable move above 6800 will lead continuation of rally. Hence trades are advised to watch first hour carefully & trade accordingly. For intraday 6800-6750 is the trading zone....Read More
Nifty Market Trading Tips
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