Yesterday we have witnessed a good upside move in the Indian Stock market. The Sensex ended up 545.25 points or 0.95% at 58,115.50 and the Nifty was up 181.70 points or 1.06% at 17,340.
Tata Motors, M&M, Adani Ports, ONGC and UPL were the top gainers on Nifty.
While Sun Pharma, HDFC Life, HUL, Britannia Industries and Divis Labs were the top losers.
Now, let’s see what support and resistance levels one should look for in today’s trade in Nifty and Bank Nifty.
Nifty gapped up & continued the rally to close at 17340.05. It also crossed the 61.8% retracement level of the entire fall from last year’s high.
Momentum remains bullish but calls for some caution as well. If Nifty overshoots till the trendline of highs then the level is close to 17800 where it can head towards in the coming days.
On the Hourly Chart, we are trading outside the channel. If the intraday support zone of 17154–17110 is broken then Nifty can retest 17000.
On the upside, if Nifty breaks and sustains above today’s high which is 17355 then it can test 17500. RSI made a higher high so there is no negative divergence yet.
Bank Nifty closed above both the trendlines. The next level on the upside is the swing high of April at 38765.
Momentum remains in buy mode on the daily chart. Similar to Nifty, it also calls for some caution as RBI has to announce its interest rate decision this week.
Bank Nifty broke out of the channel marginally and is very close to the 38000 resistance. It also started to diverge with RSI on the hourly chart which prompts caution.
If the 20-hour average at 37567 is broken on an hourly closing basis then it indicates weakness and it can then fall further to 37000.
On the upside, if it breaks and sustains above today’s high then it can test 38100 – 38150.
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