TECHNICALS DAILY

08th May, 2024

Forecast
NIFTY / SENSEX

Nifty for the 3rd consecutive day tumbled down to move well near the 50 DMA level of 22300, forming a bearish candle pattern in
the daily chart to further weaken the bias and sentiment. The Nifty index now has major support near the significant 50DMA level of
around 22300 zone for the coming days, and with a decisive close below 22300 level, the nifty can slide further till 22100–22000
levels. Sensex has closed below 20 DMA and trading around 50 DMA level of 73500, breached below the 73500 zone to weaken the
trend, and with bias maintained with a cautious approach, has next important and crucial support of 73000 zone. The support for the
day is seen at 73000/22100, while the resistance is seen at 74000/22500.

BANKNIFTY / BANKEX
BankNifty also failed to move past the important level of 49000, which has been acting as a tough resistance for the last 2 sessions
and has been witnessing profit booking, which further slipped BankNifty down to close below the 20 DMA level of 48400 zone. The
overall bias is still being maintained cautiously as the Indian VIX is trading near a 52-week high level of 17. Bankex has strong support
at the 20 DMA level of 54800 and is trading in the inside bar pattern. On the downside, the crucial and important levels of 54800
need to be sustained, failing which the index can be subjected to intensified selling pressure. Bank Nifty would have a daily range of
47500–49000 levels, with Bankex support at 54500 and resistance at 55500 levels.

Stock Ideas with Trend Reversal

Negative : - ESCORTS, GRASIM, BANDHAN BANK, GRANULES, ICICI BANK, INDIA MART, KEC,
KIRLOSKAR CUMMINS, POLYCAB, PRAJ IND, KANSAI NERO, PEL, TVS MOTOR,
ASHOK LEYLAND, ASTRAL, CIPLA, NHPC, NMDC, TATA MOTORS, AUROPHARMA,
DR REDDY, HDFC AMC

Crossover above 200 daily MA Crossover below 200 daily MA

PASHUPATI COT, NIDAN LAB, MARICO, NAVNEET, HCL TECH, MAHKTECH, KAMOPAINTS, DCW,
WESTLIFE FOOD, DABUR INDIA, HOV SERVICES, STANDARD IND, HOME FIRST, CP, BALKRISHNA IND,
CIEINDIA, SAPPHIRE FOODS MADRAS FERT, BHARAT WIRE, BAJAJ FINSERVE

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

Indices Closing Trend Reversal 2 Sup 1 Sup Pivot 1 Res 2 Res
Nifty 22302.50 -3 22538 22078 22190 22345 22457 22612
Bank Nifty 48285.35 -3 49271 47698 47992 48508 48801 49317
Sensex 73511.85 -3 74189 72832 73172 73599 73939 74367
Bankex 54929.28 -3 56145 54308 54619 55124 55435 55940
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.
 TECHNICALS DAILY

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Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.