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Indices near resistance levels. Will the markets see profit booking?

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NIFTY 50: The index is resisting to go past 9,390 levels, which is the 38.20% retracement as per the daily chart. This is one of the key Fibonacci retracement levels widely tracked by technical analysts that helps forecast the likely trend. The index did try to conquer this level four times earlier after the sharp fall from the peak level seen in March. However, selling selling pressure at higher levels has kept the momentum in check. A major upside may emerge once this selling pressure gets absorbed. Until then, the support remains at 9,100 and 8,900 levels for the index. The overall view suggests a positive bias till the index trades above 9,000 levels. CLICK HERE FOR THE CHART

S&P BSE SENSEX:  For the Sensex, the 38,20% retracement is located at 32,000 level. This needs to be crossed on good volume for the index to enter in the next leg of rally. The support remains at 30,900 and 30,200 levels. The overall trend looks bullish. That said, keep a tab on 32,000 mark as this holds key on how the index will perform in the days ahead. CLICK HERE FOR THE CHART

NIFTY BANK:  The major upside for this index is located at 22,000 levels. Although, this level is far from the current mark of 20,400 where the index is trading right now, the selling pressure seems to have emerged above 21,000 levels. The support remains at 19,700 and 19,000 levels. The overall trend will remain positive if the index sustains above 19,000. This is where buying had emerged in the recent past as well. CLICK HERE FOR THE CHART

NIFTY IT: The ascending triangle breakout stays at 13,200 on closing basis as per daily chart. The Moving Average Convergence Divergence (MACD) has made a positive crossover below the zero line. If the index sustains around current level of 13,100, the MACD indicator may rise above the zero line, driving the index towards 14,000 and then to 14,200 levels. The support remains at 12,500 levels. CLICK HERE FOR THE CHART

NIFTY FMCG: The index is witnessing selling pressure at 200-day moving average (DMA) around 29,715 levels. On the other hand, the 50- DMA is holding the support at 28,145 levels. From a broad perspective, a breach in moving average on either side will decide the next trend. Traders should be cautiously optimistic as the trend is suggesting a possible breakout on the upside in the days ahead.  CLICK HERE FOR THE CHART

NIFTY AUTO: The gap-down on April 21 in the range of 5,565 to 5,448 has dampened the upside momentum, as per the daily chart. The index is making efforts to fill this gap; however, the constant selling pressure is making life difficult. The index is well placed above 5,200 levels; a breach below the same may see heavy sell-off. On the higher side, the major resistance comes in at 6,000 mark. CLICK HERE FOR THE CHART



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