On 26th September 2019 Nifty opened at 11,470, made a high of 11,610 low of 11,466 and finally closed at 11,580. Today the market opened green and in the first half went up. During the afternoon there was some profit booking seen as expected as it was an expiry day, but again the market took support from 11,500 levels and rallied almost 80 points.
Nifty short term support stands at 11,550 and then major support at 11,400. On the higher side if Nifty manages to break 11,600 on an hourly chart then we can see further rally.
As we can see from the daily chart of Nifty is above 200-day moving average and 50-day moving average. And the trend on daily is sideways to up. Nifty is near to a resistance trend line, and a gap up or a breakout above 11,600 with volume is required for Nifty to further rally. If Nifty goes below 11,550 then it will be a warning sign for the bulls in the short term.
In the hourly chart, we can see Nifty is forming a flag pattern and a break above 11,600 will confirm this view.
Chart Of the Day
This is the chart of Just Dial ( 60 mins). Buy above 705 or when it retraces till 698 and forms some candlestick pattern, with a stop loss of 695 and target of 730
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