[ad_1]
For the day, the index ended the day higher at 16,132.90, up 143.10 points or 0.89 per cent. It was below the 50-days EMA of 16,150 but above the 50-days SMA of 16,120.
Nagraj Shetty HDFC Securities A long lower shadow for said candle is indicating an upside move after an upside breakout of the important overhead resistance at 15,900 level.
“Following an upward breakout of the barrier at 15,900, the market is now moving towards another hurdle of the previous opening downside break of June 13 at the level of 16,175. Hence a permanent move above 16,200 could be further bullish. Immediate Support has been placed at 16,000 level,” Shetty said.
Angel One’s Osho Krishna said the short term structure looks bullish as the index has officially reclaimed the psychological mark.
“Moreover, with Nifty 50 closing near the day’s high, buying interest towards the fag end bodes well for the market participants. From here, a downside bias of the odd level of 16,000-16,045 Should act as a demand zone and subside any minor shocks. On the other hand, sub-level 16,200 can be seen as immediate resistance,” Krishna said.
Milan Vaishnav, Founder and Technical Analyst, Gemstone Equity Research said that Nfty50 has filled the gap created between 15,900-16,200 levels. “If Nifty 50 sustains above 16,150, we may see some more upside till 16,250-16,290 levels. Any fall below 16,000 would result in some slight strengthening for the markets,” he added.
Nifty Bank
According to independent analyst Manish Shah, Nifty Bank closed the day sharply and broke above the declining trend in the process. The breakout was accompanied by a gap, making it a breakaway gap.
“The pattern formed is also an island reversal. These are multiple reversal patterns. Nifty Bank is now gaining strength and opportunity lies ahead for a rally to 36,100-36,200. Major support is at 33,800. Any short term decline to 34,200 is a buy. Opportunity is there, said Shah.
[ad_2]
Source link