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Retail Research: Daily Technical Snapshot
Retail Research: Daily Technical Snapshot
Retail Research: Daily Technical Snapshot
RETAIL RESEARCH
Daily Technical Snapshot The update of daily market strategy
Nifty
7708
Sector with +ve bias
Automobile
Trend
Up
Sector with ve bias
--
Support
7635
Stock with +ve bias
Tata Motors
Resistance
7775
Stock with ve bias
--
Current Observation:
The upmove continued in the market and Nifty witnessed a modest gains of around 37 points in todays session.
After opening with flat note, Nifty shifted into high low range of around 7717-7663 levels for the whole session. The
underlying trend for the day was choppy with positive bias and intraday dips have been used for buying.
Currently, Nifty is making attempt to move towards the previous multiple swing highs of around 7760-7775 levels. Those
area could offer resistance for the market for short term.
The ascending channel (orange parallel up trend lines) is intact and the upside potential for Nifty as per the pattern of this
ascending channel could be around 7850 levels, for the next 3-5 sessions.
We observe a positive sequence of higher tops and bottoms as per daily timeframe chart and the recent low of around 7516
levels (11th April) could be considered as a new higher bottom of the sequence. This concept will open up the possibility
further upmove towards 7777 levels or above.
Daily RSI has turned up and is now at the hurdle of 60 levels. Further upmove of RSI above 60 levels could mean increasing
strength of upside momentum in Nifty (current RSI levels is at 59).
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Conclusion & Strategy:
The underlying short term trend of Nifty continues to be positive and the overall chart and momentum pattern is indicating
the possibility of Nifty revisiting the high of 7777 levels or above, for near term.
One may continue with long positions in Nifty/stocks until we see a clear evidence of any reversal pattern at the higher
levels.
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