Wednesday 17 January 2018

Nifty Likely To Head Towards 10,840; 5 Stocks Which Could Give Up To 30% Return

Posted by suhani varma on Wednesday, January 17, 2018 with No comments



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A further rise in volatility could be a cause of concern for bulls. Thus, traders need to be cautious in the market and need to follow strict stop loss.The Nifty saw profit booking on Wednesday and closed around its crucial support level of 10,700 levels. Thus, for the day, the index formed a Bearish Belt Hold like candlestick pattern for the day.

The index also touched the rising resistance trend line originating from the September high of 8,975 levels on the weekly chart. Thus, the market may see some sideways to negative action in the short term if it breaks below immediate support of 10,713-10,690 zone.


Below this, the next support for the index is seen at 10,590-10,550 levels. While on the upside, crossing above yesterday’s high of 10,783 on a sustainable basis will see continuation uptrend towards 10,840 and then possibly 11,000 levels.

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