Bulls In Control Of Nifty, HDFC Reports 39% Jump In Q4 Profits


Bull Market

Bull Market

Nifty continued to surprise the sellers with a consistent buying spree. The Index opened gap up at 10710 and went on to make a high of 10758.65 in the cash segment.
In today’s session Nifty traded in a range of 50 points, however the Index maintained its positive bias right through the day.

Outlook for 2nd May, 2018
Daily Chart Levels
In the daily timeframe Nifty is likely to move up and test its upper Bollinger Band (10781approx). If the index opens above 10748 it will quickly move up and test 10781.If the index breaks and trades above 10781, it will face its next resistance around 10850. However, if Nifty opens below 10732, it is likely to slip down till its day low of 10710. If Nifty trades and sustains below 10710, it will find its next support at its 5EMA high (10685approx).

Nifty Daily Chart

Nifty Daily Chart

Hourly Chart Levels
In the hourly chart Nifty has closed around its 5 HMA (10740approx). If the index opens above 10745 on Monday, it will see an upside move till its upper Bollinger band of (10806 approx). However if Nifty opens below its 10 HEMA (10734 approx), it will slip down and find its next support area at its 15HEMA (10720approx). If 10720 is broken and the index trades below it, it can see a correction till its next support area around 20 HMA (10693 approx).

Nifty Hourly Chart

Nifty Hourly Chart

Nifty Technical Grid

Nifty Technical Grid


BANK NIFTY Outlook for 2nd May, 2018
Daily Chart Levels
In the Daily Chart Bank Nifty is likely to face resistance around 25545. If the index opens above 25550 on Wednesday, it will move up and face its first resistance around its intraday high (25615 approx). If the index trades and holds above 25652, the next area of resistance will be around (25723 approx). However, if Bank Nifty opens below (25500approx) it will slip down to its intraday low of (25470approx).

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Hourly Chart Levels
In the hourly chart if Bank Nifty opens above 25544 tomorrow, it will move up and face its next resistance around the5 HEMA high (25560 approx). However, if Bank Nifty opens below its 10 HEMA (25520 approx), it will slip down to its next support area around the 15 HEMA (25461approx). If 25460 is broken, the next support area will be the 20 HEMA (25340 approx)

Bank Nifty Hourly Chart

Bank Nifty Hourly Chart

Bank Nifty Technical Grid

Bank Nifty Technical Grid

ORIGINAL POST

Disclaimer: The information on this Website is for EDUCATION & INFORMATION purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or any financial instrument or to provide any investment advice in any jurisdiction. AMPLIFY is not providing specific investment advice to any individual viewing the content of this Website and does not represent that the securities or services described herein are suitable for any specific investor.AMPLIFY expressly disclaims all liability in respect to actions taken based on any or all of the information on this Website.

Let’s block ads! (Why?)


Leave a comment