Technical & Derivatives Report - 29th April 2021: Angel Broking
(Time Zone: UTC)
Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Nifty started the day with a gap up above 14700 and then approached its resistance of 14750. It consolidated around that area for a couple of hours but eventually it surpassed the hurdle with the support of the banking heavyweights. It then gradually crept higher throughout the day and ended with gains of over 200 points at 14865.
Post a slow and gradual recovery from the recent lows, the index has finally breached its crucial hurdle of 14750 which was the trendline resistance of last two months corrective phase. This breakout eventually indicates a resumption of the broader uptrend as the upmove has also been supported by the banking space and the midcap universe. However, one should take into consideration that we have already seen an upmove of more than 700 points from the recent low and we have the monthly expiry day ahead. Thus, some volatility cannot be ruled out on the expiry day. While the broader picture looks good, day traders are advised to avoid aggressive positions and positional traders should look for buying opportunities on declines on lower time frame chart. The immediate support is now placed at 14700-14685 and resistance is seen around 14970-15000."