April 26, 2024
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Nifty Technical chart Analysis & Bank Nifty Technical chart Analysis
Frequently Asked Questions:
For April 29, 2024
Technical Analysis of Nifty & Bank Nifty by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
After showing a fine upside breakout on Thursday, Nifty witnessed a sharp U turn on the downside on Friday and closed the day lower by 150 points. After opening with a positive note, the market was not able to sustain the opening gains and slipped into weakness in the early to mid-part of the session. The weakness got intensified in the mid to later part and Nifty closed near the lows.
A long negative candle was formed on the daily chart on Friday, just beside the long bull candle of Thursday. This is signaling a formation of bearish dark cloud cover type candle pattern at the highs. After the decisive upside breakout of the crucial downside gap resistance of 15th April on Thursday at 22500 levels, Nifty subsequently reacting down in the next session may not be a good sign for bulls.
A small positive candle was formed on the weekly chart with long upper shadow. After a series of higher high formations, the market seems to have formed a lower high in this week.
The short-term trend of Nifty seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22300 and the weakness below this support could trigger more declines ahead. Immediate resistance is at 22625 levels.
Technical Analysis of Nifty & Bank Nifty by Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty ended lower on April 26, snapping a five-day rally. At close, Nifty was down 0.67% or 150.4 points at 22419.9. Cash market volumes on the NSE fell to Rs.1.22 lakh cr. Broad market indices ended in the positive even as the advance decline ratio remained firm at 1.06:1.
Global equities were mostly higher on Friday despite worries about the economic outlook and inflation in the U.S. and the rest of the world. The BOJ kept interest rates around zero on Friday, as expected, while removing a reference to the amount of government bonds it has roughly committed to buying each month.
Nifty formed a bearish Dark Cloud cover on daily charts on April 26, 2024. It made a double top at 22625. On weekly charts, Nifty gained 1.23% and formed a high wave type candle suggesting consolidation/sideways move in the near term. Nifty could now remain in the 22625-22336 band for the near term. A breach of the lower band could take it to 22148.
Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
In the last week the benchmark indices continued positive momentum, the Nifty ends 1.23 percent higher while the Sensex was up by 642 points. Among Sectors, all the major sectoral indices registered buying interest but PSU Bank index outperformed, gained 6.5 percent. During the week, the market bounced back sharply but on last Friday it witnessed profit booking at higher levels.
Technically, the market completed one leg of rally and now 22620/74515 (last Friday high) would be the crucial resistance area for short-term traders. We are of the view that, as long as the market trading below 22620/74515 the correction formation is likely to continue. Below the same, the market could slip till 50 day SMA (Simple Moving Average) or 22235/73225. Further, down side may also continue which could drag the market till 22100/ 72800. On the flip side, fresh uptrend rally possible only after dismissal of 22620/74515. Above the same it could move up till 22775-22900/75124-75500. For Bank Nifty, 20 day SMA or 48000 could act as a sacrosanct level. Below the same, the sentiment could change. Below which, it could retest the level of 47500 -47250 or 50 day SMA.
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