2 mins Nifty Wrap

Technology 19 April 2021 5:21:PM

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NIFTY tests a fresh 11 week low.
Highlights

  • The benchmark indices NIFTY and SENSEX witnessed a gap down open and ended the session with a loss of (-1.77%) and (-1.81%) respectively. The BANK NIFTY underperformed the Benchmark indices and ended the session with a loss of (-2.40%)
  • On the indicator front the RSI plotted on the daily time frame can be seen placed below the 50 mark and moving lower, indicating that the bears are still in control of the trend.
  • On the sectoral front, 10 out of 11 sectoral indices ended the session in the red. Among the laggards were NIFTY PSU BANK, NIFTY REALTY and NIFTY AUTO that ended the session with a loss of (-4.31%), (-4.07%) and (-2.82%) respectively.
  • The NIFTY PHARMA was the only sectoral index that ended the session with a gain of (0.17%)
  • ADANIPORTS, POWERGRID and ONGC were the underperformers and ended the session with a loss of (-4.83%), (-4.12%) and (-3.91%) respectively.
  • DRREDDY, CIPLA and BRITANNIA were the highest gainers and ended the session in the green with a gain of (2.28%), (1.27%) and (0.91%) respectively.

Technical

  • NIFTY SPOT: 14359.45 (-1.77%)
  • DYNAMIC PARAMETER: NIFTY gapped down and ended the session below the 20 Week SMA.
  • TRADING ZONE:Resistance: 14697 (Daily high)/ 14785 (Gap Area) Support: 14260 (Multiple touch point level) / 14191 (Daily low)
  • BROADER MARKETS: UNDERPERFORMED, MIDCAP 23256.35 (-2.12%), SMALLCAP 8065.50 (-2.40%), Advance-Decline: 398/1535
  • STRATEGY: Bearish till below 14785 (Gap Resistance).

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