April 24, 2024
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Nifty Technical chart Analysis & Bank Nifty Technical chart Analysis
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For April 25, 2024
Technical Analysis of Nifty & Bank Nifty by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The choppy movement continued in the market for the second consecutive sessions on Tuesday and Nifty closed the day higher by 34 points. After opening with a positive note, the market moved up further in the early-mid part of the session. The upside momentum failed to continue in the afternoon to later part of the session, as Nifty shifted into a range bound action and showed minor weakness towards the end.
A small negative candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicates range bound movement in the market around 22450-22500 levels.
Nifty is currently placed near the crucial overhead resistance of previous opening downside gap of 15th April around 22500 levels. As long as the Nifty fails to show any sharp decline from near the key resistance, there is a higher possibility of decisive upside breakout of the said resistance in the near term.
The short-term trend of Nifty is range bound with positive bias. The present range bound action could eventually result in a decisive upside breakout in the near term. A decisive move above 22500 is expected to open the next upside target of 22800 levels in the near term. Immediate support is at 22300-22250 levels.
Technical Analysis of Nifty & Bank Nifty by Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty extended its gains for the fourth session on April 24, though it gave up a significant part of its intra-day gains. At the close, Nifty was up 0.15% or 34.4 points at 22,402.2. Cash market volumes on the NSE were lower compared to the previous day, totaling Rs. 1.03 lakh crore. Broad market indices rose more than the Nifty, even as the advance-decline ratio stayed firm at 1.63:1.
Global equities mostly rose on Wednesday, led by tech names, as investors’ focus turned to earnings from U.S. megacap companies this week.
India’s drugs and pharmaceuticals exports increased by 9.67% year-on-year to $27.9 billion in 2023-24, even though total exports dipped by 3% in the last fiscal. India’s pharmaceutical industry is the third-largest by volume and the 13th largest by value in the world, producing more than 60,000 generic drugs across 60 therapeutic categories.
Nifty closed near the intra-day low on April 24 after a 92-point high-low range day. The movement in Nifty seems rangebound in the near term within the 22,503-22,214 band. A breach of this band could decide the future trend of the Nifty.
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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