Friday, 11 May 2018

Stay Cautious Nifty Likely To Struggle Around 10,780 Levels

Posted by suhani varma on Friday, May 11, 2018 with No comments


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The Nifty ended Thursday 0.23 percent lower at 10,716.55. It trended lower from the day’s high of 10,785.55 before ending the session near the day’s low of 10,705. It ended the session with a bearish candle.

Chart patterns suggest it may continue facing resistance on a rise around 10,780 levels. Hence, staying cautious on a rise is advised. However, breaking out 10,780 brightens the possibility for the next leg of upmove towards 10,820. Downside supports are placed around 10,690 and 10,640 levels.

On the Nifty hourly chart, it ended the session just above the 50-day exponential moving average (EMA) placed around 10,700. The relative strength index (RSI) and average directional index (ADX) both leading indicators do not favour aggressive bulls.

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