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

| More

Technical View - July 28, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Posted On: 2021-07-28 17:16:43 (Time Zone: UTC)


Nifty witnessed a high volatility of up and down moves on Wednesday and finally settled the day lower by 37 points. After opening on a positive note, the market showed sharp intraday weakness in the early-mid part of the session. A fine upside recovery has emerged from the day's low of 15513 and the market erased most of the intraday loss towards the end.

A small negative candle was formed on the daily chart with long lower shadow. This pattern signal a formation of hammer type candlestick pattern. Normally, a formation of such hammer pattern after a reasonable decline or near the crucial supports could act as an upside reversal on the confirmation. Hence, there is a possibility of an upside bounce in the next 1-2 sessions.

On the daily chart, Nifty has been moving in a sequence like three days decline during its broader range movement. Today's weakness and later upside recovery seems to have completed the negative sequence of three sessions of weakness. One may expect upside bounce from the lows, as per high low range movement. On the upper side 15900 could be an immediate resistance.

The Nifty has formed a swing low near the lower end of a broader range movement and we observe lower low formations. This signal a display of high volatility during weakness and we notice sharp upside bounces soon after such moves in the past.

The crucial weekly support of 10 period EMA is intact after a false break below this support at 15630, as per weekly timeframe chart. This is positive indication.

Conclusion: The short term trend of Nifty continues to be negative. But, the formation of hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15860-15900 levels in the near term.


Source: Equity Bulls

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


Other Headlines:

Rupee - Weekly Currency Wrap - Sep 18, 2021 - Reliance Securities

Rupee - Sep 17, 2021 - Reliance Securities

Daily Market Wrap - Sep 17, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 17, 2021 - Bonanza Portfolio

Post Market views - Sep 17, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Technical View - Sep 17, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - Sep 16, 2021 - Reliance Securities

Daily Market Wrap - Sep 16, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 16, 2021 - Bonanza Portfolio

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

Technical View - Sep 16, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - Sep 15, 2021 - Reliance Securities

Daily Market Commentary - Sep 15, 2021 - Bonanza Portfolio

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

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

Rupee - Sep 14, 2021 - Reliance Securities

Daily Market Commentary - Sep 14, 2021 - Bonanza Portfolio

Daily Market Wrap - Sep 14, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Post Market views - Sep 14, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Rupee - Sep 13, 2021 - Reliance Securities

Daily Market Wrap - Sep 13, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 13, 2021 - Bonanza Portfolio

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

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

Daily Market Wrap - Sep 9, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 9, 2021 - Bonanza Portfolio

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

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

Rupee - Sep 8, 2021 - Reliance Securities

Daily Market Wrap - Sep 8, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 8, 2021 - Bonanza Portfolio

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

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

Daily Market Wrap - Sep 7, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Rupee - Sep 7, 2021 - Reliance Securities

Daily Market Commentary - Sep 7, 2021 - Bonanza Portfolio

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

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

Daily Market Wrap - Sep 6, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 6, 2021 - Bonanza Portfolio

Rupee - Sep 6, 2021 - Reliance Securities

Technical View - Sep 6, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Post Market views - Sep 6, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Rupee - Sep 4, 2021 - Reliance Securities

Rupee - Sep 3, 2021 - Reliance Securities

Daily Market Wrap - Sep 3, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 3, 2021 - Bonanza Portfolio

Post Market views - Sep 3, 2021 - Mr. Binod Modi, Head Strategy at Reliance Securities

Technical View - Sep 3, 2021 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Wrap - Sep 2, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities


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

disclaimer copyright © 2005 - 2020