Tech View :: 'Nifty, Bank Nifty Should Be Bought On Dips'
NIfty50
On the daily charts, we can observe that the Nifty has managed to close above the 40-day moving average (19,610) which is a Bullish sign. On the weekly charts, we can observe that the Nifty has closed in the green and in term of pattern it has formed a Dragonfly Doji which has bullish implications.
We expect this pullback to continue till 19,778 – 19,800 where resistance in the form of the 50% Fibonacci retracement level and the 20-day moving average is placed. A dip towards 19,530 – 19,580 should be used as a buying opportunity.
We expect this pullback to continue till 19,778 – 19,800 where resistance in the form of the 50% Fibonacci retracement level and the 20-day moving average is placed. A dip towards 19,530 – 19,580 should be used as a buying opportunity.
Bank Nifty
Bank Nifty opened gap up and thereafter consolidated for most part of the day. On the hourly momentum indicator, we can observe positive divergence and crossover which is a bullish sign. We expect the Bank Nifty to provide a pullback till 44,800 – 45,000 from short term perspective. In case of a dip, it should be used as a buying opportunity.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
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