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Analyst: Chandan Taparia, Derivative & Technical Analyst, MOFSL Nifty index opened positive above 15700 zones and touched yet another lifetime high of 15733 levels in the first half of the session on Friday. However, the second half of the day, saw muted movement and index settled with losses of around 20 points. It formed a small Bearish candle on daily while a Bullish candle with higher highs on weekly scale. It continues its higher highs – higher lows formation of the last four weeks. Now, it has to hold above 15600 zones to witness an up move towards fresh life time high of 15800 and 16000 zones while on the downside support exists at 15550 and 15431 zones. ....
Day trading guide for Monday SECTIONS Last Updated: May 02, 2021, 07:12 PM IST Share Synopsis Nifty has to cross 14,700 to witness an up move towards 14,900 and 15,050 zone, while on the downside support exists at 14,400 and 14,250 zones. Agencies Nifty Outlook for Monday Nifty opened gap down on Friday and while it remained within a range for the first half of the session, it cascaded thereafter and drifted towards 14,600 levels. The first session of the May series and last session of the April month ended in red with a loss of around 260 points. It negated its formation of higher highs - higher lows of the last five trading sessions. Technically, it formed a Bearish candle on the daily chart but a Bullish candle on the weekly frame with long upper shadow indicating it couldn’t sustain at higher zones. Now, it has to cross 14,700 to witness an up move towards 14,900 and 15,050 zone, while on the downside support exists at 14,400 and 14,250 zones. ....
Nifty Outlook for Monday Nifty index opened negative but managed to hold 14300 zones and headed towards 14460 marks in the initial hour of the session on Friday. However, it was unable to hold at higher zones and corrected towards 14273 marks in second half of the session. Technically, it formed a small bodied candle similar to Doji on daily and weekly scale with long shadows indicating tug of war between Bull and Bears. Now, it has to cross and hold above 14400 zones to witness a bounce towards 14600 and 14700 zones while on the downside, support exists at 14250 and 14150 zones Stocks (spot levels): Derivatives ....