According to Stewart & Mackertich, resistance for Nifty at 8440-8470 while crucial support is at 8310-8350.
Stewart & Mackertich's Market Outlook:
Nifty closed with a decent gain of 1.11 percent at 8380.65 just above the long-term downward trending channel resistance placed around 8320. It surged 92 points with the help of banking and metal stocks to end the session with a bullish marubozu candle. Closing above 8320, leading to structural change to the Nifty technical pattern, is a sign of strength.
8440 is the next resistance. On the hourly chart, despite being overbought, Nifty upward momentum continues. 8440 is the next resistance. Down trending channel breakout level around 8320 may now act as the downside major sup-port.
Considering multiple time frames and overall chart pattern that shows Nifty pullback from 7900 level found its way through 8320 mark leading to structural change to the Nifty long-term downtrend.
Next resistance is placed around 8440. Needless to say 8320-8310 zone may now act as the pivotal support. Candle pattern along with position of indicators on the daily chart suggest Nifty positive momentum may continue in coming sessions. 8440 and 8470 are the immediate resistances.
Nifty crucial support is at 8350, 8310 and resistances at 8440 and 8470.
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