Tuesday 17 April 2018

Nifty Likely To Head Towards 10,570; Asian Paints A Good Short-Term Bet'

Posted by suhani varma on Tuesday, April 17, 2018 with No comments



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The Nifty ended Monday 0.46 percent higher at 10,528.35. Disappointing opening, amid negative global cues, followed by spectacular recovery from day’s low of around 10,397 before ending the session above the 10,500 mark indicates continuation of the uptrend.

A bullish Marubozu candle on daily chart despite negative global cues clearly articulates the intrinsic strength of the current uptrend, which is likely to continue further towards 10,570. Since this level is the 50 percent Fibonacci retracement of Nifty's entire downfall from its all-time high to its recent low around 9,950 levels may act as immediate critical resistance.


On the Nifty hourly chart, it recovered from its 50 EMA and closed on a positive note. Challenging the upside resistance placed around 10,570 is highly likely

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