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"Nifty patterns on multiple time frames show, this pullback towards 10,340, 10,400 in an extreme case, may again find sellers. Hence, staying cautious on rise is advised," according to Jaydeb Dey of Stewart & Mackertich Wealth Management Ltd.The Nifty ended 0.15 percent lower at 10,226.85 on the last trading session of the previous week. Early morning pullback found resistance around 10,300, day’s high was 10,296.70, followed by sell off in the later half towards making session lows.
Nifty failing to hold above the critical resistance of 10,280 followed by follow through selling led to a bearish candle at the end of session. However, the Index pull back towards 10,340 is likely as long as dual support zone of 10,140 and 10,100 is intact. Next critical resistance is placed around 10,400.
On the Nifty hourly chart, double bottom formation backed by recovery in RSI from its oversold zone is pointing towards continuation of this pullback towards 10,340. On a similar note, we don’t rule out the possibility of extension of this counter pullback touching 100 hourly EMA placed around 10,400
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