4/27/2020 Nifty & Bank Nifty Technical/Sentimental Overview - Investing.

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Nifty & Bank Nifty Technical/Sentimental Overview

Stock Market Analysis 2019-08-15 03:30

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Sagar Rajput
http://www.money4me.in/

In the last one month, Nifty & BankNifty has broken all supports back to back. Everyone was scared
to enter into the market, in last week market has made the bottom and given small bounce. On
Friday both indexes closed near resistance and the first trading day of this week was again red. We
are also confused about what is going on red-green-red-green, also this week have only 3 trading
days. Let's see technical analysis below.

Technical Overview of Nifty : In last week Nifty has made bottom around 10780 and given some
relief to traders & investors. On 6th August 2019 Nifty closed in green and has made Bullish
Engulfing on daily chart and chart pattern worked well. On Friday index has created Spinning Top
near resistance i.e. 11100 and has reacted the same as expected. If we see the daily chart then the
last closing was neutral and the chart pattern is Bullish Harami. However, global clues are negative
again. For the fresh rally, the index should be closed above 11150-11200 and 200 DMA as well.

As per my view, Nifty looking buy on gap down for short period with keeping stop loss below 10780
on closing basis.
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4/27/2020 Nifty & Bank Nifty Technical/Sentimental Overview - Investing.com India

Technical Overview of Bank Nifty : We are seeing the same technical analysis in Bank Nifty also.
Here the plus point is many financial stocks has given good green closing on last trading day.
However, there are chances to open gap down. Advice is same here buy on gap down with stop loss
of 27400 on closing basis. For the fresh rally, the index should be closed above 28600 and 200 DMA.

Global sentiments are strongly negative i.e. American market fallen drastically, Dollar hitting a day
high, and crude oil is also in green. Both index trading below 200 DMA.

ORIGINAL POST

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Disclaimer: The contents produced here are purely for educational purpose. They should not be
construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor.
Readers are advised to consult their Investment advisor before taking any decisions based on the
above write-up.

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Write your thoughts about this article

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Arjun Meghwal @Arjun Meghwal 8 months ago

Thanks Nice

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4/27/2020 Nifty & Bank Nifty Technical/Sentimental Overview - Investing.com India

bhaskar bhosale @bhaskar bhosale 8 months ago

ok ..thanks

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