Wednesday 6 June 2018

Nifty Likely To Remain Weak Below 10,630; Sec 10% Return In PNB

Posted by suhani varma on Wednesday, June 06, 2018 with No comments


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The Nifty ended Tuesday down 0.33 percent at 10,593.15. It opened on a stronger note and reacted down sharply from the day’s high of 10,633, followed by day long oscillation in the price band of 10,560 to 10,630.

Ending the session with a bearish candle implies it may continue facing resistance on a rise around 10,630. Its 30-day exponential moving average (EMA) is placed around 10,610. Tuesday’s low of 10,551 will act as pivotal support in today’s session as well. 10,500 is its next support level.


On the Nifty hourly chart, its early morning positive opening failed to break out of its 200 EMA and fell sharply back to 10,560 levels. Chart pattern suggests it may continue trading on the negative side as long as it trades below 10,630 levels. Downside dual supports are placed around 10,550 and 10,500 levels.

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