- On the final day of the week, the Nifty index fluctuated a lot.
- The Bank Nifty index has held the important support level of 47400.
- Oil India has shown a strong breakout along with a notable increase in volumes.
On the final day of the week, the Nifty index fluctuated a lot, but it was able to close above the critical level of 21300. If the index dips towards 21200, there will be a buying opportunity as it represents the lower-end support level.
Maintaining above 21300 might open the door for additional upward momentum, with the 21500 mark as the target.
Oil India and Syngine
Despite selling pressure, the Bank Nifty index has held the important support level of 47400. The index may continue to fall in the direction of 47100 levels if it is unable to maintain above this level.
The immediate resistance on the upside is at 47700. A breakout over this mark might lead to short covering and drive the index higher toward the 48000/48200 levels.
On the daily chart, Oil India has shown a strong breakout along with a notable increase in volumes. The momentum indicator, or RSI, has shown a positive crossover, confirming the bullish attitude.
The lower-end support of the stock is located at 340, and it provides a strong base for any future increases. The stock can hit upside goals of 400 and 420 with current favorable momentum.
A morning star pattern, significant volumes, and the formation of a double bottom pattern on the daily chart for Syngine indicate a bullish trend. There is confirmation of the purchase signal on the daily chart as the momentum indicator, the RSI, has crossed positive.
Noteworthy volumes are supporting the SRF stock as it prepares to break out from a major consolidation period. The buy signal is confirmed by the positive crossover seen by the momentum indicator, the RSI.
