Wednesday 3 January 2018

Expect Nifty To Open Flat To Positive Around 10470

Posted by suhani varma on Wednesday, January 03, 2018 with No comments



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Taking global market cues, Nifty is expected to open flat to positive around 10470 and likely to face resistance on rise around 10490. Downside pivotal support is placed around 10400. 10550 is the higher resistance.

Nifty ended 0.06% up at 10442.20 yesterday. Absolute lackluster session comes to an end with a bearish candle. However, pivotal support of 10400 is still intact, day’s low 10404.65. Chart pattern suggests, weakness may persist as long as it trades below 10490. 10550 is the next resistance. 10400 is expected to act as the immediate pivotal support. Below that level Nifty can retest 10350.


On the Nifty hourly chart; session long consolidation in a tiny range followed by session end recovery caused minor relief to the Nifty bulls. However, it is still trading below the 50 hourly EMA placed around 10475. 200 hourly EMA is placed around 10370.

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