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The Nifty started the day on a flat note and remained consolidated throughout, with a notable surge observed in the final trading hour, resulting in a positive closure with a gain of approximately 32 points. Maintaining its stance, the Nifty sustained within the crucial support range of 21900 – 21850, aligning with the 20-day moving average and the 50% Fibonacci retracement level from the recent rise of 21530 – 22249. Over the past nine trading sessions, prices have predominantly traded within the range of 21800 – 22300. However, the momentum indicators on both daily and hourly time frames are displaying mixed signals, suggesting a continuation of the range-bound movement. While the index remains cautiously optimistic, volatility is anticipated in the upcoming sessions. Key support is expected around 21860 – 21800, while immediate resistance is seen at 22230 – 22250 from a short-term perspective. On the other hand, the Bank Nifty found support within the range of 45800 – 45600 and staged a recovery. The sustainability of this rebound hinges on today’s low (45660) not being breached, with further upside targets anticipated around 46750 – 46900.
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