India’s benchmark Nifty staged a phenomenal bounce back of 120 points and closed around 10757 today as US President Donald Trump stated that trade talks with China are going well. The Chinese Yuan strengthened 1.03% and closed at 6.719. Yesterday’s daily chart in Nifty had formed an inverted hammer pattern which was an indication that the index was likely to witness a bounce back today. Most Asian markets closed higher today which was driven by the positive developments of the US-China trade talks. Going forward, Nifty is likely to find support around tomorrow’s range low. The nearest upside target for the index is around 10800 approx.
The Outlook for 21st February 2019
Nifty Daily Chart Levels
In today’s session, Bulls took control of the Indian market and Nifty scaled up 120 points intraday. The index has made a high of 10770 today and buying momentum is likely to continue if the index sustains above tomorrow’s range low. In the daily charts today, Nifty has formed a strong bullish candle which is an early sign that the market might be heading towards, 10850 approx. Going forward, Nifty is likely to find support around tomorrow’s range low. The nearest upside target for the index is around 10800 approx. On the other hand, if the index trades below tomorrow’s range low, it might scale down to 10676 approx.
Nifty Hourly Chart Levels
In the hourly session, Spot Nifty has closed around 10735 approx. The index is likely to find support around tomorrow’s hourly range low. The nearest upside target for the index is around 10753 approx. On the other hand, if Nifty trades below, tomorrow’s hourly range low, it might scale down to 10655 approx.
Bank Nifty Options Data
Join Our Live Webinar On Investing.com
Live webinar on Swing Trade Strategies. Swing trading is a short-term strategy used by traders to buy and sell stocks or indices. The key element is to identify possible upside or downside momentum moves in Nifty, Bank Nifty & Stocks.