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Nifty to face resistance at 18,500–18,450 levels
Nifty to face resistance at 18,500–18,450 levels
Nifty ended positively for the 7th straight session signifying the underlying strong momentum and strength of bulls on every dip we have seen since late December 21, (based on hindsight).
Nifty ended positively for the 7th straight session signifying the underlying strong momentum and strength of bulls on every dip we have seen since late December 21, (based on hindsight).
The short-term 5 and 20 days EMA is positive on a rolling basis while very short term 5 EMA is positive for almost now 20 trading sessions on a rolling basis. BankNifty is in sideways consolidation and the broader range for the same is 38,800 to 37,300.
This index is diverging from the benchmark index sending mixed signals to the broader market. Hence we are witnessing slower movement and stock-specific movement with only a handful of Nifty50 components adding to benchmark gains. Based on OI we believe Nifty is set to face resistance at 18,500 – 18,450 levels with lower supports at 18,100.
