Contact Us | Log In
Sensex: 34142.1 +322.60 Gold: Rs.30514.00
Nifty: 10491 +108.30 Silver: Rs.38380.00
Nifty: Today's minor upside bounce back could be some cheering factor for bulls -
Nifty: Today's minor upside bounce back could be some cheering factor for bulls
HDFC Sec | Published: 20 Apr, 2017  | Source :

Current Observation:

- The formation of upside recovery type candle pattern of last session has witnessed reasonable buying interest in today’s session and Nifty closed the day higher by around 32 points.

- Nifty opened today with slight positive note and shifted into further sideways band with positive bias for better part of session. Finally, the market showed positive note towards the end.

- A small body positive candle has been formed today, which is suggesting minor upside bounce back in the market. This pattern seems to be a short term reversal pattern, but further follow-through buying by next session could only confirm the reversal pattern.

- The positive sequence of higher tops and bottoms is still intact and the present chart pattern is indicating that yesterday’s low of around 9075 levels could now be considered as a new higher bottom of the sequence. But, this higher bottom needs to be confirmed with subsequent upmoves.

- Daily RSI has turned has turned up from near 50 levels. Now, we observe a formation of DD+ (positive reversal pattern) in Nifty/RSI (higher high formation in Nifty of recent two legs and lower high formation in RSI). This positive signal and could indicate the possibility of resumption of upside momentum of the market very soon.

Conclusion & Strategy:

- Today’s minor upside bounce back could be some cheering factor for bulls to make a comeback in the market. Further follow-through buying action could only strengthen the upside momentum and that could possibly indicate the reversal pattern in Nifty.

  Read full report Click here to read the full report

About HDFC Sec

HDFC Securities a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates, is a leading stock broking company in the country, serving a diverse customer base of institutional and retail investors. provides investors a robust platform to trade in Equities in NSE and BSE , and derivatives in NSE. Our website will support you with the highest standards of service, convenience and hassle-free trading tools.

For more information please write in to

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.