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Technical Picks: Nifty & Bank Nifty

Dynamic Equities Pvt Ltd | 13 Dec, 2016  | Follow Author | Add to my Favourites 
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Technical Picks:

      

Nifty: The event-pack week started with a marginally higher opening and Nifty proceed towards the gap area 8160 / 8185 which acted as an immediate hurdle during the initial part of the week. On Wednesday, the status quo stance by RBI clearly surprised the market participants and we saw sharp fall during the penultimate hour of trade. However, market had immediately discounted this news by opening with a decent gap on Thursday’s session and eventually closed near 8250. In the process, Nifty concluded the  session with a gain of 2.16 percent over its previous close. During last week, we had a domestic as well as global event however the bulls had successfully took the charge and pull the index higher. After the Friday’s close, the daily chart has confirmed the Higher Top Higher Bottom formation. In our previous update, we had mentioned the formation of ‘Dragonfly Doji’ pattern which had shown its dominance during the last week and the said pattern is still intact. Also, during last week, the daily 9-EMA of RSI (14) has signaled the positive crossover with 45-EMA of RSI (14). Looking at the overall chart structure, we expect the ongoing up move to continue towards 8340 first above which Nifty likely to test the daily 89-EMA placed around 8400. On the flip side, immediate support comes around 8151 below which Nifty has a strong support at 8056.


Bank Nifty:
Last week, Nifty Bank index opened on a flat note and bouts of buying interest drive the index higher towards 18500. The announcement of keeping the benchmark interest rate unchanged triggered the pessimism and we saw sharp slide on Wednesday. However, the bulls had shown the resilience and pull the index higher on Thursday as well as on Friday’s trading session. In the process, Bank Nifty concluded the session with a decent gain of 2.46 percent over its previous week close. During last week, Bank Nifty went below its immediate support of 18143 and made a low of 17952. In our previous report, we had mentioned about the strong support zone of 18143 / 17910 zone and index rebound sharply after testing this zone. The minor degree chart currently resembles a double bottom formation hence we expect near term bounce in Bank Nifty towards 18900 / 19200 levels respectively. On the flip side, the immediate support comes near 18336 any break below this level will pull the index lower towards the recent low of 17952.


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About Dynamic Equities Pvt Ltd

Dynamic Equities Pvt. Ltd. is a a SEBI Registered Investment Advisor and Stock Broker, a leading financial services provider, and one of the major players in the Equity markets in India. With an experience of over 15+ years in Stock Markets and Equity Research, they provide daily updated Support & Resistance of 4200 instruments across 93 exchanges and 56 countries globally. They have an in-house team of over 25 analysts. Under the guidance and mentorship of Mr. Shailesh Saraf, MD of Dynamic Equities Pvt. Ltd., these analysts are dedicately involved in guiding their clients and users of the website www.dynamiclevels.com for trading in the market. Mr. Shailesh Saraf has an experience of over 24 years in the financial market, especially in capital & derivatives market operations, trading, research and management related areas. Dynamic Levels is a website owned by Dynamic Equities Pvt. Ltd. The website can be reached at www.dynamiclevels.com.


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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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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