Thursday 19 April 2018

Nifty May Struggle Around 10,570-10,600; BoB A Good Short-Term Sell’

Posted by suhani varma on Thursday, April 19, 2018 with No comments



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The Nifty ended Wednesday 0.21 percent lower at 10,526.20. The positive opening failed to sustain above critical resistance levels placed around 10,570, followed by a sharp retracement in the last half of the session.

After hitting a high of 10,594, the Nifty ended the session much below 10,570 which suggests it may continue to face resistance around 10,570 levels in coming sessions as well.


Critical resistance placed at 10,570, which is its 50 percent Fibonacci retracement level of the entire downfall from Nifty's all-time high to its recent low around 9,950 levels, has to be taken out on the upside for the next leg of upmove to unfold. But, that looks unlikely at this juncture. Hence staying cautious on every rise is advised. The downside supports are placed around 10,510 and 10,460.

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