According to a report by Sharekhan, in the near term, a crucial support on the lower side is 7680 as that is the retest point of the falling channel. A close below 7680 will increase the pressure on bulls.
The Nifty closed in the positive territory but the breadth was completely under the control of bears which puts a question mark on this rally. Since the Nifty has broken out of the falling channel and the fall is a complex corrective, so we think that the Nifty will rise again and reach till 7970.
In the near term, a crucial support on the lower side is 7680 as that is the retest point of the falling channel. A close below 7680 will increase the pressure on bulls. The rise on the hourly chart appears to be an impulsive one and the Nifty has just retraced some of the gains earned in the last two days but the momentum indicators are still in sell mode which is a concern for the bulls.
The Bank Nifty unlike the Nifty failed to form an impulse from the downside which again is a concern for the bulls. So, it will be important for the Nifty to hold its support levels and show some followup movement from hereon to gain momentum.
Other technical observations
On the daily chart the index is trading above the 20-day moving average (DMA) and the 40-DMA, ie 7703 and 7609 respectively. The momentum indicator is trading in negative mode on the daily chart. On the hourly chart, the Nifty is trading above the 20-hour moving average (HMA) and the 40-HMA, ie 7679 and 7677 respectively, which are crucial intra-day levels.
The hourly momentum indicator has turned positive. The market breadth was negative with 365 advances and 1,185 declines on the National Stock Exchange.
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