Anu Jain, Head-Equity Broking, IIFL Wealth
The trend for the Nifty Index is up across all time frames and since March 2020 it has been moving in a rising trend channel. In the short term recent correction from 15,900-15,450, index took support near the 16th Feb 2021 peak of 15,430 acting as a point of polarity. On closing basis Index prices have respected the 20 day MA currently placed near 15,760 levels. The Daily RSI has made a bullish range shift above 60 levels.
The rising trend channel implies potential upside target in the range of 16,200-16,500 levels with downside supports in range of 15,730-15,640 followed by 15,450. Since June the Index has faced resistance near 15,900 levels. In Today’s session prices have made an attempt to move above 15,900 levels, sustainability above the same would lead to immediate upside potential towards 16,050-16,100 zone. Failure to close above 15,900 would lead to near term consolidation between 15,900-15,640 considering the strength in DXY which could act as a headwind in the short term & imply volatility along the way.
Stock Market Live Updates: Indian equity indices, Sensex and Nifty are trading higher on Tuesday afternoon boosted by gains in private banks, financial services and metal stocks. Broader markets, smallcap and midcap indices outperformed the frontliners. Auto,…
