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After a sharp selloff for nearly a month, last week’s price movement is encouraging for the bulls. Not only has it brought respite, but it has formed a strong chart pattern suggesting that the selloff has ended for now.
The Bank Nifty on the weekly chart has shown strong bullish engulfing pattern and RSI on the daily chart is exhibiting breakout after positive divergence that augurs well for this beaten down sector.
Nifty too is showing RSI divergence on its daily chart and has shown the formation of a double bottom in the lower timeframe.
A word of caution, India VIX has cooled to 18.62 but it still remains high. So, traders should initiate long positions while keeping strict stop losses. Also, on the way down,
Nifty has made strong resistance patterns and levels where one needs to be cautious again.
As of now, the Nifty has to sustain above 10,500 to witness its bounce towards 10,700 and then 10,800, while on the downside, the 10,290 (on closing basis) could act as a support, below which it may see a fresh decline due to distress selling.
A downward sloping trend line on lower time frame is likely to provide resistance to prices around 10,600 also in a very short term too. Since Nifty has closed above its 5 DMA (10,363) almost after a month suggests strength in benchmark index in very short-term. Sustaining above 10,500, it can extend towards its immediate resistance of 20 DMA (10,875) and an unfilled gap around 10,747-10,822.
We expect the current bounce back to continue in the market.
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