After a positive opening, Nifty continued upside momentum throughout the day and closed the session at 16259.30 level with a gain of 417. However, Bank nifty closed the session at 34301.90 level with a gain of 704.30 points.
All the sectoral indices ended higher with metal index up 6 percent and auto, bank, oil & gas, IT, capital goods and FMCG indices up 2-3 percent. In Nifty Stocks, HINDALCO, TATASTEEL, COALINDIA, JSWSTEEL & ONGC were the top gainers. Bullish Marabozu candle after a doji formation on a daily chart which indicates Reversal formation for upcoming session.
Moreover, Nifty has given breakout of horizontal line which suggest buying from lower levels. In addition, Nifty has been sustained above 21& 50-HMA which indicates Northward direction for the upcoming session. However, the momentum indicators RSI & Stochastic were trading with a positive crossover and reversed from the oversold zone which is a sign of reversal in the Nifty.
The Nifty may find Strong support around 15800 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.
Source: Choice India
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