April 25, 2024
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Nifty Technical chart Analysis & Bank Nifty Technical chart Analysis
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For April 26, 2024
Technical Analysis of Nifty & Bank Nifty by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
After showing range bound action in the last couple of sessions, Nifty witnessed sharp upmove amidst volatility on Thursday and closed the day higher by 167 points. Nifty opened with a negative note, but started to show a sustainable upside recovery from the lows in the early part of the session. Intraday weakness in between has been bought into and Nifty closed near the highs.
A long bull candle was formed on the daily chart, that has surpassed the crucial overhead resistance of opening downside gap of 15th April around 22500 levels and closed higher. This is positive indication and is expected to result in more upside for the market ahead.
The positive chart pattern like higher tops and bottoms is on the cards. Having formed a new higher bottom in the last week at 21777, the Nifty is expected to move up from here to form a new higher top of the pattern around 22800 levels.
The short tern uptrend seems to have resumed after a small pause. Having moved above the key hurdle, the Nifty is expected to move towards new all-time high of 22800 and above in the near term. Immediate support is at 22470.
Technical Analysis of Nifty & Bank Nifty by Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
The Nifty ended higher for the fifth consecutive session on April 25, led by buying across sectors after 12:45 pm. At close, the Nifty was up 0.75% or 167.9 points at 22,570.3. Cash market volumes on the NSE were higher on the monthly F&O expiry day at Rs. 1.39 lakh crore, although lower than the February expiry day volumes of Rs. 1.45 lakh crore. The Smallcap index rose less than the Nifty, even as the advance-decline ratio stayed firm at 1.19:1.
Global stocks snapped a three-day winning streak on Thursday as disappointing forecasts from Facebook and Instagram parent Meta led to caution ahead of earnings results from some of the biggest and most important growth and tech companies in the U.S.
The Nifty formed an engulfing bull pattern on April 25, though the placement of the candle is not ideal. In the process, it filled the down gap at 22,427-22,503 formed on April 15. The Nifty could head towards the 22,726-22,775 band on the upside, while 22,402 could provide support in the near term.
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.
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