Vinay Rajani

Nifty outlook today shows bullish trend reversal after EMA breakout. Key support-resistance levels and HDFC Securities stock picks inside

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According to Vinay Rajani, senior technical and derivative analyst at HDFC Securities, With bearish trends confirmed across all timeframes, a break 200DMA levels could trigger further selling

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Vinay Rajani of HDFC Securities says Divis Labs share price has broken out from the box pattern on the daily chart with the primary trend of the stock staying bullish

Decisive close below 50 DEMA would result into positional bullish trend violation in Nifty. On the upside, a level above 26,100-26,150 band would bring back the bullish momentum in the Nifty

During the weekly expiry session, Nifty witnessed heightened volatility and ended the day at 25,839, down 120 points

According to analysts at HDFC Securities, resistance on any rebound remains around the 26,300 mark

A decisive close below 25,838 level could mark a short-term trend reversal for Nifty from bullish to bearish, potentially paving the way for a decline towards the next support near 25,740

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Near-term support for the Nifty is now established around 24,900, while the level of 25,220 is expected to offer immediate resistance, HDFC Securities' Vinay Rajani said

Nifty remains in a downtrend as it has been trading below all key moving averages. Supports for the Nifty are seen at 24540 and 24400.

Nifty has now surpassed the previous swing high of 25,154, resulting in higher top formation preceded by higher bottom on the daily chart.

The much-awaited upward momentum for the Nifty index is likely to be confirmed only with a move above 25,000, HDFC Securities' Vinay Rajani said

Nifty failed to surpass the nearest resistance of its 5-day DEMA (24613) on a closing basis. However, the fall from the highs is not a definitive sign that the bullish momentum has completely faded.

If Nifty falls below 24,673, it could be dragged down to the next support level near 24,340. On the upside, 24,900 is expected to offer short-term resistance, said Vinay Rajani of HDFC Securities

Vinay Rajani, senior technical and derivative analyst at HDFC Securities, has recommended buying Groww Nifty India Railways PSU ETF, and Edelweiss BSE Capital Markets & Insurance ETF