Anand Rathi - Daily Technical Note

BSE Sensex and Nifty have exhibited a bullish candlestick and closed near the all time high. This indicates that there was genuine short covering coupled with bears squaring their short positions that led the speed of the rise in markets emerging from lower levels.

Based on the chart pattern developed to date, one may use the level of 4260 (Nifty) and 14,470 in Sensex as the stop loss level for long positions. Breach of these support levels may lead to a correction. On the resistance front, the Nifty faces resistance at around 4,340-4370 level and the Sensex at around 14,600 -14,750 levels.


BSE Small cap Index has exhibited a bullish candlestick. One may use the level of 7,370 as the stop loss level for long positions.

BSE Midcap Index has e x h i b i t e d a b u l l i s h candlestick. One may use the level of 6230 as the stop loss level for long positions.

CNX IT Index has gained ground. One may use the level of 5190 as the stop loss level
for long positions for the time being.