Nifty opened with gains and remained positive throughout the day, closing 81 points higher. The daily chart shows Nifty forming a bullish candle and closing above its past nine sessions' range, indicating continued short-term upward momentum. Technical indicators like RSI and Stochastic are also positive. Key support levels are at 11530, with resistance at 11580-11630 if Nifty sustains above 11580. The trend will remain bullish if it stays above 11540.

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,551.75 0.71% 11475 11515 11540 11580 11605
Sensex 38278.75 0.87% 37935 38105 38225 38395 38515
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
11552 levels with a gain of 81 points.
On the daily chart index has formed a bullish candle and has closed above its past nine session's
consolidation range representing positive bias ahead. In yesterday’s session Nifty has broken its
psychological level of 11500 and has closed above it which indicates bullishness in near term. The index
is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend.
The chart pattern suggests that if Nifty crosses and sustains above 11580 levels it would witness buying
which would lead the index towards 11600-11630 levels. Important Supports for the day is around
11530 levels. However if index sustains below 11530 levels then it may witness profit booking which
would take the index towards 11500-11470 levels. Nifty is trading above 20, 50 and 100 day SMAs
which are important short term moving averages, indicating positive bias in the short to medium term.
Nifty continues to remain in an uptrend in the short and medium term, so buying on dips continues to
be our preferred strategy.
The daily strength indicator RSI has turned positive and momentum oscillator Stochastic is moving
upwards above its reference line indicating positive bias.
The trend deciding level for the day is 11540. If NIFTY trades above this level then we may witness a
further rally up to 11580-11605-11645 levels. However, if NIFTY trades below 11540 levels then we may
see some profit booking initiating in the market, which may correct up to 11515-11475-11445 levels
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