Friday 23 March 2018



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Nifty may continue to oscillate in the price band of 10,160 to 10,000, and may again see buying on dips around 10,000.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management LtdThe Nifty previous day ended 0.4 percent up at 10,114.75. Positive opening reacted down from day’s high 10,207.85 towards ending the session with a bearish candle. Critical resistance of 10230 remained unharmed. Closing below 10,130 with a bearish candle implies, Nifty may again head back towards retesting our long-term pivotal support zone placed around 10,030 and 10,000.

Nifty shying away from the critical resistance of 10,230 for the second consecutive session implies Benchmark Index may continue to act as the short-term critical resistance. Midterm chart pattern suggests, Nifty may continue oscillating in the price band of 10,230 to 10,000 before next leg of decisive move.

On the Nifty hourly chart; downtrend in previous two sessions seems to be continuing. However, critical dual support zone of 10,030 to 10,000 is still well intact. Intraday pullback may find difficulty to penetrate the resistance 10,160.

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