Hourly Chart

Nifty recovers approx. 100 points from its recent 
swing low

by Mitali Dutta on Market Analysis, Market Wrap
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Nifty close 11643.45: This week market moved just like a roller coaster ride. 11550 to 11700 was the range for this week. Up to Friday’s midsession the index sentiment was on slightly Bearish side but the last hour trading session creates an impact. Within last few hours’ Nifty recovers approx. 50 points and close on the positive side.

However, in the larger time frame Nifty makes a red candle. So let’s discover the probable theme on different time frame.

Hourly Technical: This week Nifty had been in a downtrend. But thanks to the last hour trading session, Nifty gave a close which was above the upper trend line of that downtrend. So, if next day a gap up takes place there could be a good up move. On the downside, closing below 11600 level may again create a sell off.

Due to the last hour trading session the indicators are depicting positive sentiment. RSI is above 55, Stochastic is above 85, ADX is below 15 and the CCI is above 130.

Overall the sentiment is on the positive side but in case any sell off happen, we have two major supports which are at 11623 (100MA) and 11492 (200MA) level.

Hourly Chart

(Hourly chart)

Daily Technical: Nifty is making a flag pattern shape in the Daily chart. Once the price breaks the 11700 level, there could be a good up move witnessed. Most of the Moving Average lines are below the price so there will be multiple support. On the other hand, 11750-11800 would be the resistance if the up move continues.

Indicators are in a phase of cool off and most of theme sloping down. RSI is just above 60, Stochastic is also at 70 level (approx..), ADX is also at 35 level and CCI is below 100.

So any bigger up or down move will happen if the market breaks the 11680 or breaches below the 11550.

Daily Chart

(Daily chart)

 

Weekly Technical: This week was pretty much neutral for the Index. Price traded more or less within a range. As we have a Doji on the previous candle, the chance of correction is there. But if the recent swing high (11761 level approx.) is crossed then the move might take the index to 12000 level.

Indicators are flat due to no significant change in price. RSI is above 65, Stochastic is at 90, ADX is a t 15 and the CCI is trading above 150 level.

Overall the strength and momentum is flat, but If any bigger correction happens 11000 would be the support.

Weekly chart
(Weekly chart)
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Technical Chart

(Technical Chart)


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