Nifty on Friday ended 160 points higher to form a Doji candle on the daily chart as the index reclaimed its short-term moving averages but lacked decisiveness. As long as the sharp opening downside gap of Wednesday remains open at 21,970, there is a higher probability of a sell-on rise in the market for the … Read more
Nifty on Thursday ended 110 points lower to form a high wave type candle pattern on the daily chart and slipped below the rising trendline, suggesting a bearish trend reversal. Having declined sharply, there is a possibility of a pullback rally in the short term, which is expected to be a ‘sell on rise’ opportunity. … Read more
India’s largest lender and index heavyweight HDFC Bank engineered a 4.7% or 2,145 points fall in Nifty Bank which was its worst decline since March 2022. The stock fell 8.91% intraday, recording its biggest decline in percentage terms since May 20, 2020, when it had tanked 7.86%. All the 12 Nifty Bank constituents were trading … Read more
Nifty on Wednesday ended 460 points lower to form a red candle on the daily charts with a decisive break below the 20-day moving average of 21,629. Both price and momentum indicators are pointing toward weakness. Nifty has engulfed the gains of the last four sessions but somehow managed to hold the support zone of … Read more
Nifty on Tuesday ended 65 points lower to face resistance around the psychological level of 22,000. The hourly momentum indicator has triggered a negative crossover indicating a loss of momentum on the upside. OI data showed that on the call side, the highest OI was observed at 22,100 followed by 22,200 strike prices, while on … Read more
Nifty on Monday ended 203 points higher to end above the 22,000 mark for the first time and formed a hammer candlestick pattern on the daily chart. On the derivative front, the 21,700PE strike added the highest open interest. With this, the supports are now dragged to the higher levels of 21,700-21,600 and sustenance above … Read more
A short covering rally in Bank Nifty index hinges on the results of HDFC Bank, given its substantial 30% weightage, says Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. “HDFC Bank faces an immediate hurdle at Rs 1680, where its 20-DMA is located. A decisive breakout above this level is crucial for accelerating … Read more
Nifty on Thursday ended 28.5 points higher but formed a small negative candle with a minor lower shadow on the daily chart, indicating a range-bound action below the immediate resistance. The market is now placed at the hurdle of a down-sloping trendline that connected recent lower highs at 21,725 level. Having shown a false downside … Read more
Nifty on Wednesday ended 74 points higher to take support near 20-DMA and form a Bullish Piercing candlestick pattern on the daily chart, suggesting potential bullish momentum. “We are of the view that, 20-day SMA or 21,500/71,250 could act as a sacrosanct support level for the traders. Above the same, the pullback formation is likely … Read more
Nifty ended 32 points higher to form an Inside Bar candle on the daily chart on Tuesday, which indicated indecisiveness between bulls and bears. For traders now, 21,725/72,000 would act as a key level to watch out for. “Below 21,725/72,000, the weak sentiment is likely to continue. Below the same, the market could retest the … Read more
