April 19, 2024
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Nifty Technical chart Analysis & Bank Nifty Technical chart Analysis
Frequently Asked Questions:
For April 22, 2024
Technical Analysis of Nifty & Bank Nifty by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
After showing a panic selloff from near the day’s high on Thursday, Nifty witnessed an excellent upside recovery from the steep weakness on Friday and closed the day with handsome gains of 151 points amidst high volatility.
Nifty opened on a sharp negative note on the backdrop of geo-political issue in the middle east. The upside recovery has resumed from the early part of the session and the upmove continued in the mid to later part of the session. Minor intraday dips in between have been bought into and the Nifty closed near the highs. The opening downside gap has been filled completely.
A long bull candle was formed on the daily chart after opening at the lows. The present chart pattern is indicating a formation of bullish Piercing line type candle pattern and this signal short term bottom reversal for the market.
Nifty held above the support around 21750 levels, which is near to the previous swing low of 20th March. This could be considered as a double bottom type formation. After breaking below the support of lower end of channel at 22000 levels, the Nifty regained the lost ground and closed above that support on Friday.
The short-term trend of Nifty seems to have reversed up after forming a bullish reversal type candle pattern on Friday. One may expect further upside towards the next resistance of around 22500 levels in the few sessions. Immediate support is around 22000 levels.
Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
In the last week, the benchmark indices witnessed a sharp price correction, the Nifty ends 1.65 percent lower while the Sensex was down by 1157 points. Among Sectors, almost all the major sectoral indices witnessed profit booking at higher levels but IT index lost the most shed 4.7 percent.
During the week, market consistently faced selling pressure at higher levels. However, on last Friday after a gap down opening benchmark indices registered a sharp pullback rally. Technically, on weekly charts, the index has formed bearish candle and currently it is trading below short term averages, which is largely negative. We are of the view that, the medium -term market texture is still in to the weak side but due to temporary oversold conditions the current pullback formation is likely to continue in the near future.
For the traders now, 22000-21900/72600-72300 would be the key supports zones while 22350-22400/73500-73700 could act as crucial resistance areas for the bulls. For Bank Nifty, 47200 and 47000 or 50 day SMA (Simple Moving Average) would be the sacrosanct support zone for the positional traders. Above which, it could bounce back up to 48000-48200. On the flip side, below 50 day SMA traders may prefer to exit out from the trading long positions.
Technical Analysis of Nifty & Bank Nifty by Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty reversed a four-day losing streak to end Apr 19 higher. At close, Nifty was up 0.69% or 151.2 points at 22147. Cash market volumes on the NSE fell to Rs.1.0 lakh cr. Broad market indices fell even as the advance decline ratio remained flat at 0.84:1.
An increase of tensions in the Middle East kept global stock markets on the brink, though they recovered after Iranian media appeared to talk down the impact of Israeli strikes.
Nifty made a bullish piercing pattern formation on daily charts on April 19 that could denote a short-term upward reversal. On weekly charts, Nifty fell with a downgap, which could denote some medium-term weakness unless the gap is filled soon. It could in the near-term face resistance from the 22427-22503 band while 21710-21778 band could offer support.
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