Page 15 - Technical View News Today

The Option data indicated that 19,400-19,500 is likely to be an immediate resistance zone for the Nifty, with support at 19,300-19,200 levels

The daily and the hourly momentum indicators have a negative crossover, which is a sell signal. Overall, there a no signs of trend reversal and the short-term outlook is negative, Jatin Gedia of Sharekhan by BNP Paribas has said

Going forward, 19,550-19,600 zone is expected to be crucial for further sharp upside in the index, with strong support at 19,250 zone, experts said

The Option data indicated that the Nifty may get support at 19,400-19,300, whereas 19,500-19,600 can be hurdles on the higher side.

PNB Housing Finance stock with a market capitalization of more than Rs 16000 crore trades at a P/E multiple of 13.97x and an Earnings Per Share (EPS) of 45.11, BSE data showed. The stock gave a breakout from a falling trendline resistance on the monthly charts which is a positive sign for the bulls.

Now the support base has shifted higher to 19,200 levels, from 19,000 earlier and the next hurdle for the Nifty could be 19,600, followed by 19,800-20,000 area, experts said.

Hanging Man is a bearish reversal pattern, which occurs at the top of a trend. This pattern appears after or during an uptrend.

The selling pressure may continue for few more sessions amid consolidation, but large correction is unlikely due to favourable domestic economic conditions and fall in global commodity prices, experts said

The Nifty50 seems to be positive in direction as long as it holds 18,200 levels, which can be immediate support, whereas 18,400-18,500 is expected to be crucial hurdle in coming sessions, experts said.

Hence, if the momentum continues and the Nifty50 holds psychological 18,000 mark, then 18,200-18,300 are expected to be next resistance levels to watch, with supports which shifted higher to 17,900 followed by 17,800 levels, experts said.