With some progress in Ukraine-Russia peace talks, the market witnessed buying for the second consecutive day amid positive global cues. The market had managed to close with a gain of about 0.60 per cent in yesterday’s trading on March 29. In yesterday’s trade, some banking and financial stocks, IT and pharma, including HDFC Twin, saw a good rally, which gave good support to the market.
Like the giants in yesterday’s trade, small-medium stocks also saw a rise. The Nifty Midcap index closed with a gain of 0.4 per cent. At the same time, the smallcap index closed with a gain of 0.3 percent.
BSE Sensex closed at 57,944 with a gain of 350 points yesterday. At the same time, Nifty closed at the level of 17,325 with a gain of 103 points. Nifty formed a small bullish candle on the Daily chart yesterday which matches with the Hanging Man pattern formation. Nagraj Shetty of HDFC Securities Says that this pattern usually indicates a follow-through upmove between trades in the range. Currently Nifty is trying to break out of the range around 17,450 in 6-7 trading sessions. This is a good sign as we could see a sharp upmove after a break out from the sideways range movement.
Nagraj Shetty says that he further says that the short term trend of Nifty remains positive. Any sustained rally above 17,500 can take Nifty upwards towards 17,800-18,000 in the near term. Immediate support is visible for Nifty at 17,250 level.
Here we are giving you some statistics on the basis of which it will be easy for you to catch profitable deals. Please note here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17,259 and after that the second support is located at 17,194. If the index turns upwards, then it may face resistance at 17,367 then 17,410.
The first support for Nifty Bank is located at 35,577 and after that the second support is located at 35,306. If the index turns upwards, then it may face resistance at 36,047 then 36,248.
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