Nifty Outlook : Support 7720/7670/7635
MARKET SUMMARY:
It was a second day in a row
where bulls hold the charge where nifty manages to close above
resistance of 7740 mark. The day was started on flat to positive note
yet it was a very volatile trading session ahead of RBI policy where
nifty slipped below 7650 mark yet near 7635 it found support &
witnessed a very smart late trade recovery led by Cement, Auto &
Metal sector. At the end nifty closed at 7746 mark with gain of 0.82%.
As SGX nifty suggesting we are likely to open on softer note.
Bulls will hold charge till nifty trades above 7700 mark where above 7750 fresh all time high
On the card
Daily Nifty Levels
Resistance: 7800/7840/7875
Pivot: 7712
Support: 7720/7670/7635
CHART FORMATIONS:
- Nifty found support near up sloping trend line resistance placed at 7575.
- Nifty manages to close above trend line resistance placed at 7740 mark.
- At any sharp rally 7900 will be up sloping trend line resistance for nifty.
- Nifty bounce back from 50-day SMA placed at 7588 mark while 9-day EMA of 7713 is immediate support.
TECHNICAL INDICATORS:
- Momentum indicator RSI is forming double bottom formation around 45 mark whereas stochastic witnessed positive crossover from oversold territory.
- CCI & MACD are still negatively poised.
STRATEGY FOR TRADERS:
Market is likely to open on little softer note where there will be some cautiousness till nifty trades below 7750 mark yet dip near 7720 is buying opportunity with stop loss at 7700 mark while above 7750 mark new high on the card.
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