Professional Documents
Culture Documents
Nifty
Trend
Support
Resistance
8179
Positive
8090
8240
Current Observation:
After showing a sideways consolidation pattern in the last couple of sessions, Nifty witnessed smart upside bounce
back today and closed the day higher by around 71 points.
Nifty opened today with upside gap of around 27 points and moved up soon after the opening. It later shifted into
intraday sideways consolidation and the opening upside gap remains unfilled.
The lower levels of around 8090 held smartly and led to a smart recovery in todays session. The current recovery from
the lower sideways range has a possibility of pushing Nifty towards the upper range of around 8240-50 levels in coming
sessions.
We also observe a positive sequence of higher tops and bottoms as per daily timeframe chart. The recent low of
around 8088 levels of 13th Oct could be considered as a new higher bottom of the sequence. Hence, the Nifty is
expected to move up and pierce above the upper range of 8245 levels to form a new higher top of the sequence.
RETAIL RESEARCH
The resistance of previous opening downside gap of 24th Aug (orange horizontal line) has acted as a stiff resistance for
the market and led to minor decline. If Nifty manages to move above that hurdle around 8225 levels, then that could
have further positive impact on the market ahead.
The previous minor decline seems to have completed and the Nifty bounced back smartly from the immediate lower
levels support of 8090. The next upside levels to be watched is around 8240-50 levels in the 1-2 sessions.
Traders may continue with long positions in Nifty/stocks and add more for further upmove in near term.
RETAIL RESEARCH
RETAIL RESEARCH