Live
- India Faces Blow as Pacer Mohammed Shami Ruled Out for Remainder of Australia Series
- Biden Pardon: Joe Biden Commutes Death Sentences of 37 Inmates, Including Child Killers and Mass Murderers
- South Korea: Yoon believes impeachment trial takes priority over martial law probe
- Strict Action for Non-Adherence to Time Management - DMHO Dr. Swarajya Lakshmi
- Over 13.29 lakh houses approved for rural poor in Maharashtra: Shivraj Chouhan
- District Collector Urges Timely Completion of Indiramma Housing Scheme Survey
- Digital Arrest Scam: Hyderabad Man Duped of ₹7 Lakhs by Fake Crime Branch Police Callers
- Sukhbir Badal seeks President's Police medal for officer who saved his life
- US Firm Accordion Acquires Merilytics, Launches 1,500-Seater Office in Hyderabad
- Free Medical Camp Organized by Alampur Advocate Bar Association
Trend bias looks positive
Trend bias looks positive
It’s a Classic rangebound play we are witnessing in Index as it oscillates around 50 MA placed at 17,251.
It's a Classic rangebound play we are witnessing in Index as it oscillates around 50 MA placed at 17,251. It was a dull start that indicated some minor profit booking but a stronghold of Reliance and Later Infosys kept the bulls on the strong foot as the rebound was seen from crucial supports mentioned previously. 17,000 – 17,050. The sharp rise accompanied volatility but also indicated the strong buying that is witnessed from lower levels and the bearish engulfing has been discarded.
The long Build-up OI is seen in Cap Goods, PSU Banks, OIL, and Bank Nifty stocks. Nifty also witnessed overall 4 per cent addition in Long in its components. The defensive play such as FMCG and Pharma continues to remain negative. As Per OI, Nifty can test 17,500 – 17,600 with downside support shifting to 17,100 – 17,150.
It is also important to see that advance-decline has been bullish with 8 sessions positive while only two negative sessions indicate the trend bias as positive as well. In tomorrow's session, It would be important to see how Nifty faces and clears the 17,350 – 17,340 mark.
(The author is Technical Analyst at Finvesify)
