According to a report by Stewart & Mackertich, supports for Nifty is placed at 9060, 9000 while the Index has resistances at 9120, 9180.
Stewart & Mackertich’s Market Report:
Nifty closed at all-time with a decent gain of 1.71% at 9087.00. Early morning gap up opening took the Nifty towards its March’15 high of 9119, day’s high was 9122. However, failing to close above 9119 followed by daylong oscillation in the price range of 9120-9060 led to a Doji candle on daily chart. Now the crucial supports are placed around 9000 and 8970. While 9120 is the pivotal resistance. Successful closing above 9120 may take the Nifty towards 9180 and 9220.
On the Nifty hourly chart, it is trading much above both the crucial moving averages while the RSI is still in contraction phase. Today’s session low 9060 may now act as an intraday support. Next support is placed around 9000.
Considering Nifty multiple time frames and overall chart pattern that shows, Nifty ended at highest closing and an 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.