Technical Overview – Nifty 50
The positive takeaway from today’s trading session was that Nifty closed well above the dotted lines and most importantly, scaled new all-time-high at 20222.45. The Index on the daily chart continues to trade above its horizontal trend line which is placed at 20,000 levels.
On the weekly time frame index has closed in green for the consecutive third week and the prices have completed their throwback of the triangle pattern breakout. The volatility gauge indicator the India VIX closed one percent higher at 10.90 levels.
The Index on the broader time frame indicates a fresh start of an uptrend and the momentum oscillator RSI (14) has witnessed a cup and handle pattern breakout above 65 levels with a bullish crossover on the cards. The MACD indicator suggests positive momentum ahead as reading above its line of polarity.
The view continues to remain bullish with BUY on dips as a strategy to be used. Technically 20,000 – 19,9000 will act as immediate support for the index and the upper band is capped near 20,275 – 20,325 Levels for the time being.
Technical Overview – Bank Nifty
The Bank Nifty shut the shop in green for the fourth straight week and gained more than 2 percent on the weekly time frame. On the daily chart, the Banking Index has witnessed a rectangle pattern breakout and posts that prices are trading above the consolidation band of the pattern.
On the broader time frame, the index is trading within a rising wedge pattern and presently has taken support near the lower band of the pattern and moved higher post that. The momentum oscillator RSI (14) has formed a bullish cup and handle formation and the breakout is expected above 70 levels.
Looking ahead, Bank Nifty seems positive above 45,700 with resistance at 47,000 and 47,500. Support is at 45,500 and 45,300 for potential pullbacks, offering trading opportunities.
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