Friday, 20 April 2018

Nifty Likely To Correct To 10,460, OBC A Good Short-Term Sell

Posted by suhani varma on Friday, April 20, 2018 with No comments



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The Nifty on Thursday ended 0.37 percent up at 10,565.30. The index remained within a tiny range for the entire session, before ending on a flat note with a Doji candle. It continues to face resistance on every rise around a cluster of resistances placed around 10,570 and 10,600.

Chart patterns suggest that the Nifty breaking out 10,600 is unlikely as of now. Hence, staying cautious on a rise is advised. Downside supports are placed around 10,510 and 10,460. Weakening rupee is also a major threat.

On the Nifty hourly chart, negative divergence in the RSI pattern is still intact, which may continue to build selling pressure around 10,570 and 10,600 levels. Hence, buying is not advised at this juncture.

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