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Nifty has formed a long bullish candle, and also formed a promising Hammer candlestick formation on weekly charts which is broadly positive.

Benchmark index witnessed a strong bullish candlestick pattern on the daily charts which engulfed the previous two red candles. There was a Hammer kind of pattern on the weekly chart, Bullish reversal pattern formed at the downtrend, especially after Friday’s sharp recovery. Nifty has fallen for the third consecutive week now, down 1.3 percent.

Hammer is a bullish reversal pattern formed after a decline. It consists of no upper shadow, a small body, and a long lower shadow. Long lower shadow signifies the stock bounced back after testing its support, where demand is located.

Nifty opened moderately lower at 16798 and fell to a crucial support level around 16750 amid volatility but after the policy announcement, Index gained strength to hit an intraday high of 17187 in the afternoon. It closed with 276 points or a 1.6 percent gain at 17094 after defending 16750/16800, the crucial support area.

Rally was driven by banking & financial services, auto, and metal stocks. Broader markets also equally participated in the upward journey as the Nifty Midcap and Smallcap indices gained 1.6 percent each.

It was a good start to the October series. Market rallied after the Monetary Policy Committee’s decision came in on expected lines with the announcement of a 50 bps hike in the repo rate.

What lifted the market sentiment was the RBI’s policy rate hike of 50 bps that came in as expected and its comment that India’s economy remains on strong footing despite global headwinds. Relief rally was backed by investors’ preference for growth driving stocks from banking, automobile, realty & metal space.

Global macro factors will continue to dictate the Domestic market sentiment going ahead as any fresh spell of negative news could once again trigger the downward spiral. After a sharp selloff the Nifty took support near 16800 and bounced back sharply.

Nifty gained strength after an initial hour of volatility and as the day progressed, it comfortably extended its northward journey to give a decisive close. Index not only settled above the crucial psychological level of 17000 but also topped the 200 day moving average (DMA) of 16982. It gained 1.6 percent and hence snapped a seven day losing streak.

After a sharp selloff, Nifty took support near 16800 and bounced back sharply. Index has formed a long bullish candle, and also formed a promising Hammer candlestick formation on weekly charts which is broadly positive.

Upside may also continue which could lift the index to 17400. On the flip side, below 16900, an uptrend would be vulnerable and on the further decline, Index could slip to 16800/16700.

For the trend following Traders, 200day SMA (simple moving average) and 16900 would act as a sacrosanct support zone. Above the same, reversal wave is likely to continue till 17250/17300.

All the sectoral indices ended in the green with auto, power, capital goods, bank, realty and metal up 1/2 percent.

Daily Technical Report | 1st October 2022
Nifty & Bank Nifty Levels | 1st October 2022
LevelsNiftyBank Nifty
Prev. Close1681837647
S11674637442
S21667837126
S31659636894
S41643836576
R11689637980
R21697438289
R31705238548
R41713638789

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B.RAJENDRA

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

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