The NIFTY index completed its 61.8 per cent Fibonacci retracement of the entire recent fall from the top, which is coming around 10,552 levels.
SBI's stock has formed a bullish flag pattern
Traders are advised to avoid carrying aggressive bets overnight while trading in Nifty
Traders are advised to avoid carrying aggressive bets overnight while trading in Nifty
Market overview and technical calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Mphasis' stock has provided breakout from a consolidation zone
The support for Bank Nifty is seen at 21,500, while Nifty has got support at 10,300.
As per monthly option data, a handful of put writing on higher strikes ranging from 9,900 to 10,200 is seen which shows Nifty might witness support in subzone of 10,000
If there is no escalation in geopolitical concerns and Covid-19 cases, the Indian markets are likely to continue their northward trajectory
The momentum oscillator MACD has provided buy crossover on the Nifty's hourly chart
The stock of Siemens is making a lower high and lower low formation on the daily chart and it has breached its short term 21 DMA which is currently placed near 1,075 levels
Recently, gas distribution companies have been in limelight
Looking at the strong setup on the medium term charts, it would be advisable to buy Nifty around 9,900, for the upside target of 10,300.
As per weekly option data, handful of put writing on higher strikes ranging from 9,800 to 10,100 is seen which shows Nifty might witness support in subzone of 10,000
Nifty is likely to face stiff resistance at 10,200
Next target for the Nifty is seen at 10,160 and 10,550
The level of 9,200 might act as a base for Nifty's weekly expiry
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
The stock of JK Cement has given bullish "Flag" pattern breakout on the daily charts
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor