Technical Overview – Nifty 50
It was a super duper Monday for the Indian markets where prices witnessed a massive gap up opening near 20,600 levels registered a life-high level and closing with a gain of 2%. The Benchmark index again formed a continuation gap on the daily chart.
In the last five trading sessions index has left a three-unfilled continuation gap, which hints at a strong trending market. The momentum oscillator RSI (14) has reached its overbought zone (80) with a bullish crossover. The overbought levels do not mean an immediate selling, as an Index or a stock can remain in the overbought zone for a long time in a strong bullish trending market.
The MACD has moved vertically higher with a positive crossover on the daily time frame. The PCR Ratio has again moved towards the overbought zone. As the index has moved almost 400 points in a single day a mild profit booing or a sideways trading session cannot be ruled out in the further trading sessions. The immediate support for the index has shifted higher near 20,500 levels and the resistance is likely to capped near 20,800 levels.
Technical Overview – Bank Nifty
It was a historic day for the Banking Index where prices witnessed a massive gap up opening and recorded a lifetime high at 46,484.45 levels. The Index has formed a continuation gap on the daily chart and closed 3.50% higher for the day.
The Banking index on the weekly chart has taken support near the lower band of the rising channel pattern and has taken anchor point support near 21 EMA. The MACD has moved vertically higher with a positive crossover on the daily time frame.
The PCR Ratio has again moved towards the overbought zone. As the banking index has moved almost 1600 points in a single day a mild profit booing or a sideways trading session cannot be ruled out in the further trading sessions. The immediate support for the Bank Nifty has shifted higher near 46,000 levels and the resistance is likely to be capped near 47,000 levels.
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