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The daily lower Bollinger Band, where the index had halted in Thursday’s session, acted as a springboard, pushing the index higher.
The Nifty50 closed the week on a weak note with the index losing by about 1 percent in a volatile week weighed down by weak global cues, selling by foreign institutional investors (FIIs), rising crude oil prices as well as weakness in rupee, which touched an all-time low.
The daily lower Bollinger Band, where the index had halted in Thursday’s session, acted as a springboard, pushing the index higher. The index made a 'Long White Day' pattern on the daily charts on Friday and Hammer Candle pattern on the weekly scale.
The index witnessed a strong reversal from the bearish trend made in the last two trading sessions but for bulls to take control, the index needs to close above 10,785 in the coming session for confirmation, experts said.
Friday’s bounce is nothing but the retracement of the impulsive fall. The bounce has so far retraced 61.8% of the fall & is likely to subside near 10,750 where there are multiple parameters to restrict further upside.
Hence, the pullback can be taken as an opportunity to initiate fresh short position near 10750. The short-term target on the downside will be the May low of 10,417 with the potential to slide down to lower levels. On the other hand, 10,837-10,893 shall act as a crucial resistance zone.
On the daily chart, Adani Ports has given a down sloping trend - line breakout at Rs 365 level. Volumes are supporting the breakout as well which is a bullish sign.
The stock gave a reversal turnaround from the major support zone of Rs 350-356. This reversal can also be noticed on the weekly chart.
The momentum indicator is positive on the daily chart in the stock thus providing with the indication toward the commencement of the bullish trend
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