The strength in the Indian markets continued for the fourth day
Tuesday , September 21 2021
Home / Market Talk / The strength in the Indian markets continued for the fourth day
13th sept 2021 pre market session

The strength in the Indian markets continued for the fourth day

The strength in the Indian markets continued for the fourth day as the markets remained in a narrow range before closing with marginal gains. After a marginally negative start to the session, Nifty moved back into positive territory in the first hour of trading. It traded in a range till noon; In the second half, the index continued to move in a very limited and defined range in the negative territory without any major weakness. It again moved into positive territory after the pullback. The Headlines index closed marginally higher by 15.75 points (+0.09%).

Markets will open on Monday after a long weekend; Friday was a business holiday due to Ganesh Chaturthi. While SGX Nifty rose on Thursday, it closed negative on Friday. Nifty will open while adjusting this type of trade setup

With the global market setup turning neutral to mild negative, Nifty is likely to open on a weak note and look for directions. Options data suggests upside may remain limited at higher levels; The markets are likely to remain largely in a narrow range in the near future.

Volatility was lower as of 13.9425, down 3.24% for INDIAVIX. The 17400 and 17465 levels can act as immediate resistance points; Support will come at 17300 and 17235.

The Relative Strength Index (RSI) on the daily chart is 81.87; It lives in the overbought zone. The RSI also remains neutral and shows no divergence against the price. The daily MACD is bullish and trades above the signal line. A small white body emerged on the candles. Apart from this, no other structure is seen on the chart.

Pattern analysis shows that the breakout that occurred above the 15900-15950 level is still sustained. Nifty has gained momentum, consolidating its gains intermittently, and continues to climb again. Building up basis points after each incremental rise, Nifty has managed to pull higher near-term support.

Share on

About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

Check Also

21st pre market session

Nifty recovered over 250 points from lower levels

The domestic equity market did not survive the negative technical trade setup of global markets …

Leave a Reply

Your email address will not be published. Required fields are marked *