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May 18, 2017 09:06 AM IST | Source: Moneycontrol.com

Nifty to open on negative note; support around 9460: Stewart & Mackertich

Taking global market cues Nifty is expected to open negative and likely to find support around 9460 and 9520 is the immediate resistance, says a report by Stewart & Mackertich.

Nifty to open on negative note; support around 9460: Stewart & Mackertich

Stewart & Mackertich's Technical View:

Taking global market cues Nifty is expected to open negative and likely to find support around 9460. 9520 is the immediate resistance, next resistance is placed around 9560. Below 9460, next support is placed around 9420.

Previous day, Nifty ended 0.14 percent up at 9525.75. Early morning Nifty intraday retracement found support around 9490, day’s low was 9486.10, followed by a recovery towards 9520. It ended the session with a bullish candle above the crucial resistance of 9520. Further, ending the session above 9520 is a sign of strength. Hence, intraday retracement may find support around crucial supports placed around 9460 and 9420.

On the Nifty hourly chart, RSI looks a bit stretched. However, Nifty uptrend is still well intact and intraday dip towards 9460 may find buyers. Next support is placed around 9420.

Considering Nifty multiple time frames and overall chart pattern that shows; Nifty shut shop above the resistance of 9520. Hence, unfolding next leg of up-move towards 9560 is the likelihood. Intraday retracement may find support around 9460 and 9420.

Previous day, Bank Nifty ended the session with a hammer candle at 22935.95 (up 0.03 percent). Immediate resistances are placed around 23000 and 23100 while 22700 is the immediate support.

Nifty crucial supports & resistances for the day -

Supports: 9460, 9420

Resistances: 9520, 9560

Disclaimer: 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.
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