Nifty Technical analysisNifty Technical Analysis & Bank Nifty Technical Analysis 

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    For March 28, 2024 

    Technical Analysis of Nifty & Bank Nifty by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    Nifty continued its upside momentum with range bound action on Wednesday and closed the day higher by 118 points. After opening with an upside gap of 49 points, Nifty continued to move up in the early -mid part of the session. Minor weakness got triggered from the highs towards the end and Nifty closed the day off the highs.

    A small positive candle was formed on the daily chart with minor upper shadow. This market action indicates upside momentum in the market amidst range bound action.

    The overall chart pattern of the market remains positive with range-bound action. Nifty is currently placed at the upper range of 22200 levels. A decisive break above this hurdle is expected to bring sharp upside momentum towards new all-time highs. Any weakness from here could drag Nifty down to 21900 levels again.

    Technical Analysis of Nifty & Bank Nifty by Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.

    Nifty recouped part of the late losses to continue its rally on March 27. At close, Nifty was up 0.54% or 118.9 points at 22123.7. Cash market volumes on the NSE were higher at Rs.1.20 lakh cr aided by NSE indices rebalancing volumes. Smallcap index rose more than the Nifty even as the advance decline ratio remained subdued at 0.77:1.

    Global shares were mixed on Wednesday in a holiday-shortened week that ends with a key reading on U.S. inflation. Japanese stocks rose as the yen sagged to its weakest since 1990 while China’s central bank governor told a high-level business conference in Beijing that the ailing property industry was showing signs of recovery and that the impact from defaults of dozens of developers was limited.

    Nifty formed a small candle with high upper shadow on March 27. Nifty keeps facing selling pressure as it nears 22,200. Nifty could now remain in the 21932-22204 band for the near term.

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