Daily Market Commentary - April 20, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian bourses witnessed a sideways trading session with no clear direction on any side as nifty closed above 17,100. Auto, pharma, IT, oil & gas indices jumped 1-2 percent each, while selling is seen in the metal and banking names. BSE midcap and small-cap indices ended in the green. Both the benchmark indices closed at 17,136 & 57,037 respectively.

Today's session saw nifty taking a pause with respect to the ongoing bearish trend. A bullish harami candlestick pattern is seen on daily charts indicating a short term trend reversal is on cards. Index still trades below its 21, 50 & 100 day EMA moving averages which is a sign to remain cautious on the long side. Prices are respecting its 200 day EMA which is placed near 16,800. Going forward, the nifty has found immediate support near 16,950-17,050 and on the upside, resistance can be faced near 17,250-17,300 levels.

BPCL, Tata Motors, Shree Cements, UltraTech Cement and Eicher Motors were among the top Nifty losers. Bajaj Finance, ICICI Bank, Bajaj Finserv, JSW Steel and ONGC were the top losers.

Source : Equity Bulls

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DailyMarketCommentary Nifty Sensex BonanzaPortfolio