GEPL Technical research : Nifty futures technical view, 28th April update


GEPL Technical view : Nifty futures 28th april update
GEPL Technical view : Nifty futures 28th april update

 

  • Nifty Futures closed just 12 points lower at 5308 than its previous close of 5320. 
  • Nifty is showing lack luster trading between 5345 -5300 for last 2 trading sessions.
  • A‘Falling Parallelogram’structure is seen on intraday chart of Nifty Futures showing support at 5280.
  • A bottom trendline of the current rally on daily chart is showing support at 5280 levels and 50%retracement level support is also placed at 5280 levels. Thus, 5280 is a multiple support.
  • Among the sectorial indices, FMCG, HC and Power sector stocks closed marginally positive where as selling pressure was witnessed in Realty, Banking and Auto sector stocks.  
  • If 5280 level is breached downwards then next important support is placed at 5260 levels. Ø The stop loss for positional buying is placed at 5220 on closing basis with the targets at 5400 & 5500.
  • Nifty needs to surpass 5350 levels for uptrend continuation with initial target near 5400.  
  • The intraday support levels for Nifty Futures are at 5280 & 5250 where as resistance levels are at 5350 and 5390.
  • The intermediate trend reversal level is placed at 62% retracement level of 4900.
  • The breadth of the F&O stocks was positive as out of 195 stocks traded on Futures Segment, 74 stocks advanced, 120 stocks declined and 1 stock remained unchanged.

GEPL Technical research

 

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