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Daily Technical Report | 16th April 2021

Nifty formed a Doji candle on the daily chart and a hammer pattern on the weekly chart, which indicates that declines were being bought but follow up was missing at higher zones.

Nifty, after opening higher at 14599, hit an intraday high of 14697 and a low of 14559 amid volatility. Nifty finally settled with gains of 36 points at 14617.

Nifty remained rangebound throughout the session after opening marginally higher. It finally closed with moderate gains to form a Doji pattern on the daily chart. Positive global cues supported the market but rising COVID-19 infections limited upside.

Despite US markets hitting new highs, indices here remained in a range today as FII figures for the first half of the month were not very encouraging but we did see plenty of action in the broader market with Pharma & Metals witnessing investor appetite. Despite a normal monsoon forecast today by the met department, investors remained circumspect on account of rising coronavirus cases.

Strong positive cues from the global market lent optimism to the Indian market leading to robust recovery though volatility & underperformance were noticed at the end of the day due to concerns over lockdown. US treasury yield saw a sharp drop yesterday on reports of better than expected retail sales and a fall in unemployment. It triggered a rally in the US which was also reflected in European and Asian markets. As soon as India is able to show a drop in infection rate, due to lockdown & vaccination, market performance will improve.

Nifty faced resistance as it entered into the bearish gap zone (registered on 12th April 2021) present between 14652/14785 level before signing off the session with a doji kind of indecisive formation. Interestingly, even weekly chart depicted a Doji and appear to be finding support around 62 percent retracement level of its last leg of rally from the lows of 13596/15431 level.

Moreover, today’s sell-off occurred from an intraday high of 14697 after retracing 62 percent of its last leg of fall from the highs of 14984/14248 level. This clearly suggests that the market is still caught up in a sideways phase and in need of a breakout above 14700 to develop fresh impetus.

As long as Nifty fails to sustain above the said bearish gap zone, the threat of revisiting recent lows of 14250 remains higher. In this regard, a close below 14300 can confirm the bearishness.

Next trading session, intraday weakness can be expected if Nifty trades below 14559 level whereas strength should resume on a close above 14700.

Traders to remain neutral on the long side, whereas, weakness below 14559 should be used by intraday traders to go short for a modest target of 14470.

Except financials all other sectoral indices ended in the green. Midcap and Smallcap indices rose 1 percent each.

Nifty & Bank Nifty Levels | 16th April 2021
LevelsNiftyBank Nifty
Prev. Close1454933293
S11446733062
S21433632842
S31422232607
S41412332322
R11463833597
R21476333970
R31483134360
R41495634700

Performance Sheet

F&O (Intraday) –
March21
January-21
February-21

Positional Calls –
March21
January-21
February-21

B.RAJENDRA

B.E (Bachelor of Engineering – ECE) 1988-1992
SEBI Certified Research Analyst

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