Nifty rebounds, holds above August lows - Highlight Investment Research

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Saturday 24 August 2019

Nifty rebounds, holds above August lows

Nifty close the week with losses extending losing streak to second consecutive week. However, Friday’s session saw the index forming a solid bullish candle on the daily chart. The index also managed to close above the August 05, 2019 lows of 10,782. Further, the daily chart analysis suggests a positive RSI divergence, indicating a short term bounce is on the cards. Crucial support is around 10,600, while resistance is around 11,000. 

Bank Nifty fell sharply by 4% during the week forming a large bearish engulfing pattern. However, our daily chart analysis indicates the index has found support around its falling trendline zone, which suggests short term recovery is likely. On the upside, immediate resistance is around the 27,500 zone, while support is at 26,600 mark in the near term. 

Nifty Pharma index outperformed during the week and formed a hammer pattern indicating early signs of reversal; the index has potential to stage a move towards its 50-DMA of 7,980.

NIFTY FUTURE TIPS

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