Last Friday Nifty started with a higher opening at 16011 but erasing early gains hit an intraday low of 15927. Protected by 15900 which is crucial 50% retracement of the recent rally from 15511 to 16275. Recovery took place in afternoon trade & touched an intraday high of 16067 & finally settled at 16049, Up day to day basis 110 points.
Today expectation of positive opening even with a Gap above 16100 amid Last Friday’s Green global cues though Markets will first react to the banking major HDFC Bank's numbers.
Technically, last Friday Nifty has formed a positive candle which resembles a bullish reversal Hammer kind of pattern formation on the daily chart that formed after a 4 days consecutive decline – 1st day higher bottom formation, trying to cross 5dma 16050. Hammer has a small body - no upper shadow and a long lower shadow. The long lower shadow signifies that the stock has bounced back after testing its support here that is 15900/850
If the index holds on to the previous week's low point of 15858 in coming sessions, the rally could make a progress towards 16275 subject to cross & stay above 16150. Expected consolidation range mainly inbetween 15950 to 16250.
For Intraday basis :-
On the upside :- Above 16101 resistances are 16154—16205 & major 16241. Break out cautious hurdle 16275—16302.
On the downside :- Below 15960 1st support at 15926/893 & then major 15840.
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