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The Nifty on Wednesday ended 0.18 percent lower at 10,614.35. It opened gap down, amid negative global cues, and recovered around its critical support placed at 10,560, before ending the session above 10,600.
Reclaiming the 10,600 mark is definitely encouraging for the bulls. However, May series F&O expiry jitters is going to be a trend determining factor in trade today. The benchmark index reclaiming its 30-day exponential moving average (EMA) on the daily chart is a positive development. In addition, the rupee appreciation versus the dollar might be a positive trigger in trade today. However, a successive closing above 10,630 is necessary for unfolding the upmove towards 10,700. Below 10,560, the next support on the Nifty is placed around 10,500 levels.
On the Nifty hourly chart, early morning recovery with a double-bottom formation from Wednesday’s low of 10,559, followed by 200 EMA centric movements throughout the session, led the benchmark index to close over 10,600. Chart pattern suggests that the 10,560 is going to play a critical role in today’s session as well. The next support is placed around 10,500 levels.
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