Support for Nifty at 8720: Stewart & Mackertich
According to Stewart & Mackertich, support for Nifty is placed at 8770, 8750 and 8720 while the Index has resistance at 8820, 8880 and 8920.
Stewart & Mackertich's Technical Report:
Following global market cues Nifty is expected to open positive. Immediate resistance is placed around 8820. 8880 and 8920 are the next resistances. Downside supports are placed around 8770, 8750, and 8720.
Previous day, Nifty ended with a minor loss of 0.14 percent at 8792.30. It continues swinging within the tiny range of 8720-8820. Today also, it failed to rise above the resistance of 8820 but found intraday support around 8772 and led to another hanging-man candle on daily chart. For the seventh consecutive session it failed to sustain above 8820.
On the Nifty hourly chart; it once again found support around the 30-hourly EMA placed around 8770 and closed at 8792.30 leaving the market on tenterhooks. RSI is taking support at a very short-term upward trend line. Downside supports are placed around 8770, 8750 and 8720.
Considering Nifty's multiple time frames and overall chart pattern that shows, since last seven sessions, Nifty is stuck in the price range of 8720-8820. It has to break out the 8720-8820 range on either side for a decisive movement. Beyond 8820, next resistances are placed around 8880 and 8920. We prefer staying cautious on rise.
Previous day, Bank Nifty closed almost flat at 20258.10 (up 0.03 percent). It is trading nearer to its previous double top resistances 20500 and 20650. Downside supports are placed around 20000 and 19800.
Nifty crucial supports & resistances for the day:
Supports- 8770, 8750, 8720
Resistances- 8820, 8880, 8920
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