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Sensex: 32028.9 +124.50 Gold: Rs.28548.00
Nifty: 9915.25 +41.95 Silver: Rs.38158.00
Technical Picks: Nifty, Bank Nifty - IndiaNotes.com
Technical Picks: Nifty, Bank Nifty
Way2wealth | Published: 17 May, 2017  | Source : IndiaNotes.com

Nifty: The Nifty index continued its previous week consolidation during the initial part of the week. Subsequently, the momentum resumed on the upside and index precisely tested 9450 which coincides with the monthly pivot high. This level acted as an immediate hurdle which resulted into profit booking. In the process, index concluded the week with a gain of 1.24%.


- Looking at the weekly chart, index registered a record closing high as index closed at 9400 for the first time.


- After last week rally, the daily chart formed another bearish divergence pattern.


- During last Friday, index precisely tested its previous resistance level of 9365 which became an immediate support (change of polarity rule).


- Going forward, 9365 will act as an immediate support any sustain move below this level will trigger further profit booking in that case we may see index to slide towards 9307 / 9250 level respectively. Higher side, the last week high of 9450 will act as an immediate hurdle above which index likely to rally towards 9550 / 9600.


Bank Nifty:
Last week, Bank Nifty took breather and traded sideways during the first half of the week. Subsequently, index rallied higher and hit another milestone by posting a fresh all-time high tad below 23000 marks. However, profit booking on Friday erased most of its gains and index eventually ended the week with a nominal gain of 0.30%.


- Looking at the weekly chart, last week price action resembles a Doji pattern indicates indecision.


- Looking at the overall chart structure, the trend is still up hence we are not advising traders to build any aggressive short position. In fact, traders should use any meaning full dip to enter long position.


- Going forward, Bank Nifty has an immediate support near 22470 below which index likely to correct till 22240 / 22125 levels respectively. Higher side, the last week high of 22978 will act as an immediate hurdle any sustain move above this level will open the doors for 23350.

 

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