April 23, 2024
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Nifty Technical chart Analysis & Bank Nifty Technical chart Analysis
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For April 24, 2024
Technical Analysis of Nifty & Bank Nifty by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The upside momentum with range bound action continued in the market on Tuesday and Nifty closed the day higher by 31 points amidst a choppy movement. After opening with a positive note, the market shifted into a range movement for better part of the session. Minor weakness was seen towards the end and Nifty closed off the lows.
After the formation of doji type candle pattern on Monday, Nifty formed a small negative candle on Tuesday, which is indicating ongoing range bound movement in the market. Nifty is currently placed near the crucial overhead resistance of opening downside gap at 22500 levels (15th April).
The positive chart pattern like higher tops and bottoms is intact on the daily timeframe chart. Having formed a new higher bottom on 19th April at 21777, the chances of higher top formation is likely.
The near-term uptrend status of Nifty remains intact and the short-term trend is choppy. Further consolidation or minor dip could be a buying opportunity. A sustainable move above 22500 could open next upside towards 22800 levels. Immediate support is at 22200 levels.
Technical Analysis of Nifty & Bank Nifty by Mr. Devarsh Vakil – Deputy Head Retail Research, HDFC Securities.
Markets ended in the green for 3rd straight session
The Indian market squandered most of the day’s gains in last-hour selling and closed with modest gains to end higher for a third session in a row.
Nifty rose for the third session on the trot, to close at 22368, with a minor gain of 0.14%. From the recent swing low of 21777, Nifty has recovered 670 points. NSE cash market volumes increased a bit as compared to Monday.
Nifty Midcap 100 and Small-cap 100 Indices outperformed the Nifty where they gained by 1.06% and 1.23% respectively. Nifty Small-cap Index registered fresh all time high at 16702. Advancing shares outnumbered the declining shares for the second day in the row as advance decline ratio stood at 1.58 levels on BSE.
Amongst the sectoral Indices, Nifty Reality, FMCG and Consumer durable gained the most while Nifty Media, IT and FMCG fell the most.
India’s economic activity continued to expand in April, driven by strength in both the services and manufacturing sectors. The flash India Composite Purchasing Managers’ Index (PMI) climbed to 62.2 in April compared to March’s final reading of 61.8.
Nifty has reclaimed its level above 20 DEMA placed at 22309. Unfilled Gap between 22503 and 22427 is expected to remain resistance zone for the Nifty in the near term. Support for the Nifty is now shifted up to 22200.
Traders are awaiting release of US S&P Global Manufacturing PMI and Services PMI today – both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.
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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