After the US Federal Reserve Interest rate hike. We have seen a good upside move in the US as well as Asian countries’ stock markets. On Thursday, The Indian stock market closed to a nearly 2-month high. Bulls geared up on Dalal Street. Sensex closed 1,041.47 points or 1.87% higher at 56,857.79 and Nifty ended 287.80 points or 1.73% higher at 16,929.60.
Bank, IT, Metal, Power, and Realty sectors closed up 1-2% on Dalal Street. The BSE Midcap index rose nearly 1% and the Smallcap index rose 0.6%.
The Indian rupee today closed 15 paise higher at 79.75 against Wednesday’s close of 79.90 per dollar.
Let’s see today’s technical levels of Nifty and Bank Nifty
Nifty gapped up & closed comfortably above the resistance zone of 16800. It also crossed the 50% retracement level of the entire fall from last year’s high.
Next logical level is the round number of 17000 which has highest call OI and 61.8% retracement level of the entire fall around 17300.
On the Hourly Chart, it broke out of the channel so another steep channel can be drawn with the top end being around 17050.
Today’s low of 16746.25 should act as a strong support for any intraday sell off.
Bank Nifty closed above the first trendline. Next trendline resistance is close to 37500. Momentum remains in buy mode on the daily chart.
Bank Nifty did not break out of the channel and is very close to the 37500 resistance.
It also started to diverge with RSI on the hourly chart which prompts caution. 20 hour average at 36861 should be a good intraday support.
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