Thursday 14 June 2018

Nifty To Trade In A 10,800-10,880 Range Today Stay Cautious On Every Rise

Posted by suhani varma on Thursday, June 14, 2018 with No comments


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The Nifty on Wednesday ended 0.13 percent higher at 10,856.70. It opened on a stronger note but remained stuck in a narrow price band before ending the session on an indecisive note. The candle pattern suggests it may again retest its downside pivotal support placed around 10,800 levels, if it fails to sustain above the critical resistance placed around 10,880 levels (Wednesday’s high was 10,893). Hence, staying cautious on a rise is advised. The Nifty is expected to trade in a 10,800-10,880 range today.

On the Nifty hourly chart, triple top formation in the relative strength index (RSI) while price continue to make higher highs is pointing towards negative divergence. This may lead to an intraday correction towards 10,800 levels.


Nifty patterns on multiple timeframes show it opened on a positive note but finally ended nervous. The candle pattern suggests it may again retest its downside critical support placed around 10,800 levels. Considering the broader trend, we prefer a buy on dips.

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