According to a report by Stewart & Mackertich, Nifty has supports at 9120, 9060 and resistances at 9180, 9220.
Stewart & Mackertich’s Market Report:
Nifty closed at all time high with a gain of 0.76 percent at 9153.70. Taking global market cues it opened on stronger note above the resistance of 9120 followed by a sharp rise towards day’s high 9158. Nifty taking support around 9120, day’s low was 9129, is a sign of strength. Next resistance is placed around 9180 and 9220.
On the Nifty hourly chart, RSI is showing indication of coming out of the contractionary phase. Current up-trend suggests, this market is a buy-on-dips and correction towards 9120 might get bought out for higher highs towards 9180 and 9220.
Considering Nifty multiple time frames and overall chart pattern that shows, Nifty closed above its previous all-time high 9119, which is a sign of further strength. Nifty strong bullish momentum may take it towards 9180 and 9220.
Nifty crucial supports & resistances:
Supports: 9120, 9060
Resistances: 9180, 9220Disclaimer: 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.