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Technical Picks: Nifty, Bank Nifty

Way2wealth | 19 Dec, 2016  | Follow Author | Add to my Favourites 
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Technical Picks:


Nifty: Despite the formation of Higher Top Higher Bottom formed on previous Friday, the follow up buying was completely missing. During the week, index opened gap down and remained under pressure during the major part of the week. In the process, Nifty concluded the week inside the negative territory and lost 1.48 percent. Looking at the higher degree chart, Nifty has set a broad range of 7900 – 8300 and we expect index to trade within this range in forthcoming week. On a daily chart, we are seeing a formation of Rising Wedge pattern and Thursday’s low precisely coincided with lower band of pattern. Going forward, 8121 will act as an immediate support and any break below this level will trigger fresh sell-off and in that case Nifty can correct till 8056 / 7916 levels respectively. On the other side, the recent swing high of 8275 will act as a strong resistance and only a sustainable move beyond this level will pull the index higher towards the daily 89-EMA comes near 8350.

Bank Nifty:
For the third consecutive weeks, Bank Nifty traded within a broad range of 18740 / 17950 levels. During the week, Bank Nifty remained under pressure and retested the support level of 18143 which was a knee-jerk reaction of FOMC policy announcement. In the process, Bank Nifty lost nearly two percent over its previous week close. Looking at the overall chart, as index is trading in a broad range we do not see any directional trading opportunity hence we would like to wait for either way break out or breakdown to happen. Going forward, 17952 will act as an immediate support which coincided with the Top Bottom support. Any decisive move below this level will trigger fresh sell-off and we may see Bank Nifty to correct till 17600 which coincided with the 89-EMA and 16420 levels respectively. On the other side, 18740 / 18850 zone will be strong supply zone.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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