According to HDFC Securities, India’s benchmark stock index fluctuated on March 22, with little change. Nifty recovered from early morning fatigue after hitting a daytime low of 1320 hours. At the closing price, the Nifty 50 Index fell 8 points to 14736.
NSE trading volume was lower than the recent average. In the sector, real estate, IT, FMCG and pharmaceuticals were the most, followed by banks and the media.
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The Asian market was confused after the Fed’s announcement to end some emergency measures taken last year to help the financial industry deal with the pandemic.
The Turkish lira plunge did not solve the problem either. European stocks were squeezed on Monday for fear of tightening regulations due to the depreciation of the Turkish currency and the rise in coronavirus cases on the continent.
Nifty closed at a high during the day. A persistent breach of 1476 upwards could bring further upward momentum of about 100 Nifty points. The positive advance rate is also promising.
After the formation of a bullish candlestick pattern on Friday, Nifty witnessed a smart upward recovery in range-bound action on Monday, closing the day down seven points. Nifty opened with a slightly negative note, further weakening early to mid-session. Nifty finally closed near the highs, with sudden daytime buys appearing from the lows of 14597 in the afternoon.
A small candle was formed in the long shadow below. This pattern shows the purchase of dip opportunities in the market with range bound action. The formation of a bullish piercing candlestick pattern on Friday and a smart upward recovery on Monday may indicate that the market may be even more upbeat.
Conclusion: Nifty bounces from Gap Support on February 2, false downside violations of Trendline Support with daily timeframe charts, and false downsides of weekly 10-period EMA at 14400-14600 level last week Breakout is an upside-down bounce in the market. Sustainable moves beyond the immediate resistance of the 14800 level are expected to pull Nifty towards the next hurdle of about 15050-15200 levels in the short term. Immediate support will be located at 14600.
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Sustainable move beyond 14800 levels expected to pull Nifty towards 15050-15200: HDFC Securities briefly explains
Source link Sustainable move beyond 14800 levels expected to pull Nifty towards 15050-15200: HDFC Securities briefly explains