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After two days of sharp correction, market witnessed a sharp pull back rally while Nifty found support at 17325 to reverse the falling trend. Technically, the texture of the sharp reversal formation near the 10 day SMA suggests further uptrend from the current level. We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17600-17500 levels. For day traders, as long as the index is trading above 17500, pullback rally is likely to continue up to 17575-17625-17675 levels. On the flip side, index below 17425, the uptrend would be vulnerable. Technically, the Nifty50 has recovered from the immediate support around 17300 levels and sustained above 9 days SMA & Middle Bollinger Band formation, which indicates further strength for the next trading session. On an hourly chart, the Nifty index has given a breakout of falling channel formation and showed positive crossover in stochastic & RSI, which supports the upward trend. At present, Nifty has its crucial support at 17350 levels, while resistance lies at 17600 levels.
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Resistance: 17600, 17700, 17800
Support: 17500, 17400, 17300
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