Recovery ?

Though slow and steady, the growth on EOD charts of Nifty cannot be disregarded. But yet, there has been little or no rise in the volumes since 8th feb when it last made a low of 4675, indicating non-participation on buying front.

However, the momentum indicators are all set to converge into positive terrain. Nifty trading close below its 13 EMA at 4853, where it may find resistance.

Bank Nifty is also trading close below its 13 EMA, which is approx 8465.

Above 4860, Nifty may test 4915 in the coming session. However, below 4795, we may witness 4739.

Looking at lesser volumes, downside seems more likely. But on the other hand, considering stock futures individually, majority of them exhibiting strength, upside cannot be ruled out completely.

Unless there is participation in the market, the inclination remains negative. Trade safe !!




Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.