New Delhi. After the continuous decline in the stock market for the last several days, there was a glow on Wednesday. Almost all the indices of the stock market closed in green. Both Sensex and Nifty managed to close with an increase of about 1%. Talking about Bank Nifty, it saw an increase of about 2%.
Now it remains to be seen what will happen in the market tomorrow. The opinion of market experts about tomorrow’s market is almost the same. Experts feel that there is a small resistance above the market, after crossing which the market can go up.
This level has to be broken with strength
Rohit Singre of LKP Securities says that Nifty has made a strong zone on the higher side around 17,220-17,300. As long as Nifty does not break this level with strength, then there will be no strong buying in it. Strong support is visible for Nifty at 17,050-16,950 levels.
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The last hour put in confusion
Palak Kothari of Choice Broking says that after a strong opening, Nifty was seen trading in a range today and managed to stay above 17000. Along with this, it also remained above its 21- HMA, which indicates that if Nifty stays above 17,000 then it may see further upside. Nifty has formed a Doji candle on the one hour chart which is indicating further confusion between both the Buyers and the Sellers.
Still a hope of bounceback
Momentum indicators such as MACD and Stochastic are indicating a positive crossover on the recurring timeframe, which gives hope for a bounceback. Support for Nifty is at 16800. At the same time, the registration is visible on 17350. If Nifty manages to move above this level, then we can also see the level of 17,500-17,800 in this, whereas for Bank Nifty, support is seen at 35,300 and resistance is seen at 37,000.
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above 100 day average
Shrikant Chauhan of Kotak Securities says that after a long time Nifty has managed to close above the 100 day SMA which is a positive sign. On the Daily chart Nifty formed an Insight body candle on the Intraday chart. Nifty is continuously taking support near 17,100. Today’s trading setup indicates that the level of 17,100-17,140 will prove to be a trend decider for the bulls. If Nifty manages to move above it, then the level of 17250-17350 can be seen in it. On the other hand, if Nifty slips below 17100, then further decline can be seen in it.
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Tags: BSE Sensex, Share market, Stock market
