Are the markets showing signs of fatigue? Here's what charts suggest

Over the past few sessions, the markets have been consolidating in a range. Here are the key levels you need to track for key indices

S&P BSE SENSEX:  Although the sentiment stays is bullish, the index has been witnessing selling pressure above 40,000 levels. This significant level had seen a reversal in February, 2020  as well and is now acting as a resistance. On the downside side, till the index cab defend 38,500 levels, the upside bias should stay. A “Golden Cross” of 50-days moving average (DMA) with 200-DMA indicates that the index can move up over the medium-term. CLICK HERE FOR THE CHART
 
NIFTY50: As the index broke the lower rising trendline on the daily chart, the reversal low of 11,325 becomes the significant support from now. Till Nifty is able to hold above this support, a rally towards 11,700 cannot be ruled out in the sessions ahead. The immediate support comes at 11,350. Here also, a “Golden Cross” breakout has capped the downside to the support levels.   CLICK HERE FOR THE CHART

 
NIFTYBANK: The daily chart clearly reflects selling pressure at 200-DMA placed at 25,080 levels. That’s said, till the support of 23,300 is held, the potential crossing of the 200-DMA seems realistic. The Moving Average Convergence Divergence (MACD) is trading with a positive crossover with Relative Strength Index (RSI) remainng resilient to converge negatively with the MACD. This implies positive sentiment is likely to prevail for now when the index is hovering at 23,800 levels. CLICK HERE FOR THE CHART
 

NIFTY IT:  From the past one month, this index has been attempting to conquer the resistance range of 18,500 to 18,400 levels.  The overall trend, strength and momentum suggests a bigger rally above this resistance towards 19,200 and 19,600 levels. The current support stays at 17,700 levels. The chart looks strong with the support of the major moving averages - 50-DMA and 100-DMA - converging with 200-DMA. CLICK HERE FOR THE CHART

 
NIFTY FMCG: The recent sessions had seen the index breach its 50-DMA around 30,960 levels. The fall does induce a feeling of uncertainty, especially when the recent low of 30,475 got broken, which also was a support area. A decisive close above 31,350 would reflect regaining the lost momentum and the index might see 32,000 levels again.   CLICK HERE FOR THE CHART