Supports for Nifty at 9060, 9000 while the Index has resistances at 9120, 9180, says Stewart & Mackertich.
Stewart & Mackertich’s Market Report:
Nifty closed with minor loss of 0.02 percent at 9084.80. Failing to penetrate the resistance of 9120 led to whole day consolidation in the price range of9106 to 9075 towards ending the session with another Doji candle on daily chart. Now the crucial supports are placed around 9060 and 9000. While 9120 is the pivotal resistance. Successful closing above 9120 may take the Nifty towards 9180 and 9220. Further, FOMC decision on Fed rate hike scheduled to be released tonight at 11.30 IST is going to be a shorter-term trend determining factor.On the Nifty hourly chart, it is trading much above both the crucial moving averages while the RSI is still in a contractionary phase, which may lead to intraday correction towards 9060 and 9000. However, this market still remains a buy-on-dips and correction towards 9060 and 9000 might get bought out for higher highs towards 9120 and 9180.
Considering Nifty multiple time frames and overall chart pattern that shows, Nifty ended flat below the resistance of 9120 for the second consecutive session. However, intraday correction towards 9060 and 9000 might get bought out for further highs towards 9180.
Nifty crucial supports & resistances:
Supports: 9060, 9000
Resistances: 9120, 9180Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.