Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Market Commentary

| More

Technical View - April 7, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Posted On: 2021-04-07 04:54:57 (Time Zone: Arizona, USA)


After showing consolidation movement on Tuesday, Nifty witnessed a sustainable upmove on Wednesday and closed the day higher by 135 points. After opening on a positive note, Nifty showed minor knee-jerk action soon after the opening. A sustainable upmove has emerged in the market till afternoon, before showing another round of consolidation movement at the highs.

A long positive candle was formed on Wednesday on the daily chart with lower and minor upper shadow. Technically, this pattern indicate an upside bounce in the market after one session of sharp weakness of Monday. The crucial overhead resistance of 14880 levels (resistance as per change in polarity) came into scene on Wednesday, as Nifty retested the hurdle by forming a day's high of 14879, before showing minor weakness from the highs.

Previously, in the three occasions the Nifty has witnessed sharp downward reversal from near this resistance area (14880) in subsequent sessions, after closing at the edge of this area in previous sessions. The Nifty has closed again at the edge of this hurdle on Wednesday (made a high of 14879) and there is odds of down side turnaround of Nifty from the highs, as happened in the past. But, a sustainable move above 14900 levels could bring sharp upside momentum back into action.

The formation of broader range movement with one day of declines just below the hurdle and a formation of consistent higher lows in last three daily candles could signal possibility of minor weakness or consolidation movement around 14900 levels before showing a sharp upside breakout in the next 1-2 sessions.

Conclusion: The short term trend of Nifty is positive with range bound action. The market is now placed near the make or break - crucial area of 14900 levels. The short term chart pattern indicate minor intraday weakness or consolidation movement around 14880 levels before showing a sustainable upside breakout in the short term. Immediate support is placed at 14730.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Daily Markets - April 20, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Market struggles at higher levels, retested 14200 again : Angel Broking

Rupee - April 20, 2021 - Reliance Securities

Daily Market Commentary - April 20, 2021 - Bonanza Portfolio

Technical View - April 20, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Post Market views - April 20, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Rupee - April 19, 2021 - Reliance Securities

Daily Markets - April 19, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - April 19, 2021 - Bonanza Portfolio

Post Market views - April 19, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Technical View - April 19, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - April 16, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Rupee - April 16, 2021 - Reliance Securities

Daily Market Commentary - April 16, 2021 - Bonanza Portfolio

Post Market views - April 16, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Rupee Update - April 16, 2021 - Reliance Securities

Rupee - April 15, 2021 - Reliance Securities

Banking space leads to some pullback in benchmark indices : Angel Broking

Technical View - April 15, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - April 15, 2021 - Bonanza Portfolio

Post Market views - April 15, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Daily Markets - April 13, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty reclaims 14500, but still not completely out of the woods : Angel Broking

Daily Market Commentary - April 13, 2021 - Bonanza Portfolio

Post Market views - April 13, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Technical View - April 13, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Technical View - April 12, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Market reacts to second wave of covid-19 in our country : Angel Broking

Rupee - April 12, 2021 - Reliance Securities

Daily Market Commentary - April 12, 2021 - Bonanza Portfolio

Daily Markets - April 12, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Post Market views - April 12, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Technical View - April 9, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - April 9, 2021 - Reliance Securities

Daily Market Commentary - April 9, 2021 - Bonanza Portfolio

Post Market views - April 9, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Daily Markets - April 9, 2021 Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Pre-Market views - April 9, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Rupee - April 8, 2021 - Reliance Securities

Daily Markets - April 8, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Tail end correction drags Nifty below 14900, Metals continue with their dream run - Angel Broking

Daily Market Commentary - April 8, 2021 - Bonanza Portfolio

Technical View - April 8, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Post Market views - April 8, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Market extends gains post RBI policy, but hesitation continues around 14900 - Angel Broking

Rupee - April 7, 2021 - Reliance Securities

Daily Market Commentary - April 7, 2021 - Bonanza Portfolio

Post Market views - April 7, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Daily Markets - April 7, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Pre-Market views - April 7, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020