Bullish Momentum Expected After Recent Profit Booking

  • Stock Market Analysis

The Nifty index experienced some profit booking recently, but there has been a significant drop in selling volume, decreasing from last week’s 31.66% to 9%. This suggests that in the coming week, selling pressure may not intensify.

Last week, Nifty opened at 19,678.20, reaching a high of 19,766.65, a low of 19,492.10, and ultimately closing at 19,638.30, with a loss of 35.90 points. Bears attempted to restrain the market, but bulls put up a fight to control the damage on Nifty.

On the weekly chart, Nifty formed a Bullish Dragonfly Doji pattern. Despite breaching all three support levels, Nifty reached a low of 19,492.10 and surpassed the resistance level of 19,750, reaching a high of 19,766.65. Nifty is currently maintaining the 19,600 level on a closing basis, which is acting as short-term support. The RSI has turned positive, and all major indicators and oscillators are positive on the daily chart. Interestingly, the averages are supportive of an uptrend.

Nifty Bank closed at 44,584.55 which is above the support level, indicating a rebound is likely. Bulls have put up a strong fight to sustain the Nifty level of 19,600, which may convert to an uptrend in the coming week.

On Friday, Nifty gained 115 points, closing at 19,638.30 compared to the previous day. If Nifty does not breach the 19,500 level, we can expect a rebound. Nifty’s resistance levels are 19,750-19,825, with support at 19,500-19,350. 

Disclaimer: All views and analyses expressed here are for reference only. Specific trading involves a substantial risk for traders/investors must consider all risk factors of their personal finance before trading. Must consult your own investment adviser before making any trade. 

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  • Rajesh Sharma Adv @Rajesh Sharma Adv
    pagla gaye ho
    Like 2
  • Yugank Ojha @Yugank Ojha
    I dont think so totally wrong prediction
    Like 2
  • Bullshit article, things are going in bears control. world is facing huge economic crisis and this man is still bullish. market gone up due to money inflow not because of fundamental, it has to come done to 18000
    Like 3
  • Riyaz Ansari @Riyaz Ansari
    arre chacha kuchh bhi predict kar re la hai , sab call buyers ki waat lag gayi.. mamuu
    Like 0
  • Riyaz Ansari @Riyaz Ansari
    feku uncle
    Like 0
  • Girish Bevinakatti @Girish Bevinakatti
    sir how about india fiscal deficit report which came do you still belive it's a bullish trend ?
    Like 0

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