According to Sharekhan, over the next couple of days Nifty is expected to trend up till 6690. In this period the key support will be at 6584 and resistance will be at 6690.
The Nifty closed in the positive today, up 40 points at 6641. Over the next couple of days it is expected to trend up till 6690. In this period the key support will be at 6584 and resistance will be at 6690.
The Nifty has been forming higher tops and higher bottoms; it has also closed above the previous swing's high which is a positive sign for the market. The short-term bias for the Nifty remains positive for a target of 6690 with reversal at 6470. The medium-term outlook remains positive as the index has started forming higher tops and higher bottoms on the weekly chart and the momentum indicator has given a positive cross-over.
On the daily chart the index is trading above the 20-daily moving average (DMA) and the 40-DMA, i.e. 6477 and 6371 respectively. The momentum indicator is trading in negative mode.
On the hourly chart, the Nifty is trading above the 20-hourly moving average (HMA) and the 40-HMA, i.e. 6611 and 6584 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned positive. The market breadth was positive today with 891 advances and 568 declines on the National Stock Exchange.
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