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Nifty rebounds; be stock-specific to gain
Nifty rebounds; be stock-specific to gain
Nifty rebounded on the back of short-covering ahead of monthly expiry coupled with buying at lower levels in spaces such as Metals, PSU Banks, and Realty.
Nifty rebounded on the back of short-covering ahead of monthly expiry coupled with buying at lower levels in spaces such as Metals, PSU Banks, and Realty.
The opening was weak while it was a recovery in the second half of the session along with positive global cues that led Nifty to regain strength. While the gains we have seen were in sectors that have been stronger for the last few months such as Metals, PSU Banks and Realty and that was visible with them being up 2 - 3.5 per cent.
While on the daily scale the 20 MA is still above 50 MA indicating the present structure seen as a Dip but on Hourly the 50 MA is below 200 MA indicating a negative crossover.
On the other hand, RSI is below 40 in a bullish market indicating this is an oversold zone for the price. Price action suggests Nifty has completed the downside target of its Two-leg ABCD harmonic pattern hence we may see 17,200 – 17,220 acting as strong support.
Going forward, the price action may remain in a broad range of 17,200 to 17,709 on the upside which is 50 per cent of its current fall from 18200. BankNifty can see resistance at 37,600 – 38,100 while on the downside support is at 36,950 – 36,600.
It would be too early to call this the dip as we need to see improvement in breadth and momentum coming back in its components. Till then, being stock specific can be rewarding.
(The author is Technical Analyst, Finversify)
