Nifty trend and stocks in action on September 17, 2020
Nifty, after facing the selling pressure, around the zone of 11,565-11,585 for numerous times, finally managed to pierce this zone and ended above the 11,600 levels for the first time since August 28. Also, it went onto make a new swing high of 11,618.10.
The price action formed a reasonable bullish candle and with this, Nifty has witnessed a breakout from a two-week consolidation range. Further, it has managed to close above the 61.8 per cent retracement level of the recent corrective decline.
Having said, the follow-up action would decide whether the breakout is genuine or not. Further, the recent upmove of Nifty is almost six days old. In recent times, we have seen swings are restricted to 8-9 trading sessions. We need to see the recent swing that extended itself to eight or nine trading sessions. On the upside, the immediate level of resistance is placed at 11,654, followed by 11,700. And on the downside, support is seen around 11,565 levels. As long as Nifty sustains above the level of 11,565, stay with a bullish bias.
The 14-period RSI on the daily time scale has moved above the 60-mark and the +DI is above the –DI. The +DI is in a rising trajectory, which is indicating a bullish bias. Meanwhile, indicators are also indicating a positive bias. However, be with a bullish bias.
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