The Sensex closed at 19179.35 up 9 points from its previous close, and the Nifty closed at 5836.90, up 2 points. The CNX Midcap index was down by 0.39% while the CNX Smallcap index gained 0.20% in yesterday's trade. The market breadth was negative with advances at 498 against declines of 537 on the NSE. The Bank index was down by -0.26% in last session and closed at 12543.40. Bajajauto jumped 2.93% highest on nifty 50 group while jindalsteel was the biggest looser with -3.93% in last session.
Nifty closed in positive sentiment also in yesterday trade up by 2 points and maintained its level above 5800. As per nifty Relative Strength Indicator (RSI), it is at 61 level and indicating that it has more scope to move up. The recent price pattern on nifty daily chart had given strong bullish signal from 5477 with increasing RSI towards upside in near term. Nifty has strong resistance near 5971. I will continue my upside view untill nifty break 5790 level in very short term. 61.8% retracement level is at 5870 which is minor hurdle for nifty. On the down side fresh short position created only below 5790 for the target of 5720. NIFTY is in buy mode.
Nifty closed in positive sentiment also in yesterday trade up by 2 points and maintained its level above 5800. As per nifty Relative Strength Indicator (RSI), it is at 61 level and indicating that it has more scope to move up. The recent price pattern on nifty daily chart had given strong bullish signal from 5477 with increasing RSI towards upside in near term. Nifty has strong resistance near 5971. I will continue my upside view untill nifty break 5790 level in very short term. 61.8% retracement level is at 5870 which is minor hurdle for nifty. On the down side fresh short position created only below 5790 for the target of 5720. NIFTY is in buy mode.
Nifty 5800 put added fresh 1394400 contracts in open interest. As nifty was up by 2 points and addition in 5800 put option indicating that 5800 put was being writing. Put call ratio is at 1.22 indicating positive sentiment.
FIIs bought 32150 contracts of index future worth Rs.930 cores and open interest increased by 8594 contracts, as nifty future was up by 10 points and open interest increased indicating that FIIs have added fresh long position in yesterday trade.
LAST HIGH - 5844 LAST LOW - 5791
WEEKLY HIGH - 5844 WEEKLY LOW - 5500
5 DMA DAILY - 5766
20 DMA DAILY- 5649
WEEKLY HIGH - 5844 WEEKLY LOW - 5500
5 DMA DAILY - 5766
20 DMA DAILY- 5649
50 DMA DAILY- 5765
200 DMA DAILY- 5665
Nifty is in up trend in very short term point of view. Nifty jumped and sustaining above 50% retracement level and it is very close to 61.8% level which is at 5869 from its previous down leg. As i have indicated you in my past post that ending diagonal triangle pattern was formed on nifty daily chart and break above the pattern will give a fast movement. Nifty recovered almost 350 points in just four days. Short term bias are highly positive and it is in buy on every dip mode until nifty break 5720 level. Above 5669 we may see nonstop rally upto 5970 level. We have seen very fast recovery in last week. this type of action generally happen in x wave. RSI on hourly chart is in overbought zone so giving a hope that price of nifty may tired at any level and a correction of 80-100 point is expected also. here. SGX nifty indicating at 5905. expect gap up opening around this level tomorrow.
Short term stoploss for long trade at 5790 spot price
Target expected - 5970 if broken then 6170 expected.
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