Key Points
The Bank Nifty/Nifty ratio line continues to trend higher and sustains above the major breakout area signalling an extended period of outperformance.. . Updated: April 24, 2023 12:33 IST ..
A sustained move above 17800 would signal the end of an ongoing corrective phase and acceleration towards 18100 in a few weeks. Structurally, the index retraced a nine-session rally (16913-17863) by just 30% over the past five sessions indicating slower retracement which is indicative of a healthy consolidation above 200-day ema(17500)..
Nifty recovered 15 session decline (17800-16800) in just nine sessions indicating structural improvement.Ratio of stocks at 52-week highs vs 52-week lows has improved significantly over the past two weeks which is a sign of improved market sentiment..
We expect broader markets to witness catch-up activity in a gradual manner as Nifty midcap and small-cap indices have resolved out of a four-month falling channel indicating the end of the corrective phase.Structurally, the slower pace of retracement makes us confident to revise the support base at 17500 as it is a 38.2% retracement of the three-week rally (16828-17863) coincided with rising 200-day ema (17530)...
Support for the Bank Nifty is placed at 41200 levels. Key point to highlight is that the index has recently for the first time since December 2022 posted a faster retracement of the last major declining segment i.e. seven weeks decline (42015-38613) retraced in just three weeks signalling a sign of turnaround on a larger degree..
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