S & P NIFTY TECHNICAL OUTLOOK
TECHNICAL OVERVIEW:
Looking at the daily chart the counter has given short-term continuation bullish flag break above resistance of 5330.00 signals that the previous advance has resumed. We expect bull trend to follow in NIFTY in the near term.
S & P NIFTY DAILY CHART
Observations:
• After a 14 days consolidation in a sideways to down flag formation (small rectangle pattern that slopes against the previous trend), NIFTY breached the resistance of 5330.00 and gave a strong daily closing around 5340 levels.
• The RSI is trading above 50 and has potential to move up further. Stochastic Oscillator too has given a positive cross over which is likely to support the upside momentum.
• Last but not the least; Directional Index too has given positive cross over in +DI and -DI, indicating the positive momentum in the prices.
POSITIONAL CALL (15 TO 20 DAYS): S & P NIFTY BUY 5325-5345 ZONE FOR THE TARGET 1 5421 AND TARGET2 5515 WITH SL OF 5250, CMP 5351.00
Report By: Pradeep Karnani
Research Analyst
Mobile: 09966028055
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