Monday 11 June 2018

See Nifty At 10,780-10,840 Levels, Buy On Dips

Posted by suhani varma on Monday, June 11, 2018 with No comments


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The Nifty on Friday ended 0.01 percent lower at 10,767.65. It opened the session on a weaker note and found support around 10,700 levels (day’s low was 10,709.05), before ending the session with a Hammer candle. It continues to oscillate in a narrowing price range.

Last week, it ended 0.67 percent higher up with a Dragonfly Doji candle. This candle pattern on the weekly chart implies accumulation on dips. Also, double bottom formation around 10,550 levels is clearly visible.


The broader chart pattern suggests the benchmark index is likely to challenge its upside resistance placed around 10,780 and 10,820 levels. Immediate critical support is placed around 10,700 levels. 30-day exponential moving average (EMA) on the daily chart is placed around 10,630, which may act as the second critical support.

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