Volatile session for Nifty as the index recovered nearly 130 points off the lows and settled with gain of 58 points at 5909 yesterday. On hourly charts, RSI (14) is regaining momentum while the MACD (12/26/9) has just made a bullish crossover near the zero line and would be supportive for further gains towards 5952/5970 in the coming 2-3 sessions.
On the downside, support is seen at the 8-day EMA near 5870 and then near 5820. Overall, based on recent price action a short-term consolidation within 5820-5970 seems likely before the index could witness any significant up/down move. Only a convincing close above 5970 could continue to keep sentiments positive negating the consolidation possibility.
Outlook and Strategy:
Support is seen near 5870, Nifty could trade positive 5950/5970 in the coming 2-3 sessions.
Bank Nifty traded in a volatile manner; initially falling by 300 points only to bounce back sharply to recover all losses and thereafter rise to close in the green by 300 points. With this the index has formed a Key Reversal Candle as it retested the 200 dema yesterday indicating further bullishness. However having run up sharply the index seems likely to consolidate yesterday's gains. Immediate support lies at 12050 whereas on higher side resistance is placed at 12150 and then at 12215. A breach below 12050 would lead to prices correcting lower towards 11950-11900. Post consolidation the index seems likely to resume its uptrend towards 12400 levels. Thus any dips should be utilised for creating long positions for an up move towards 12400-12500 levels.
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Nifty has support around 5870: Aditya Birla
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