According to Stewart & Mackertich, supports for Nifty is at 9120, 9060 while the Index has resistances at 9180, 9220, 9280.
Stewart & Mackertich’s Market Report:
Following global market cues Nifty is likely to open flat, and expected to remain subdued as long as it trades below 9220. Next resistance is placed around 9280. Downside supports are placed around 9120 and 9060.
Nifty ended up 2.61 percent at 9160.05 on weekly basis. It started the previous week with a gap up around 9090 and went up to all time high 9218. Weekly closing above previous double top resistance is pointing towards continuity of uptrend.
Previous Friday, Nifty ended with a minor gain of 0.07 percent at 9160.05. Taking global market cues it opened on stronger note and almost met our target of 9220, day’s high was 9218, as discussed in our previous daily communications. However, intraday correction from the high of the day led to a closing nearer to day’s low 9148. Downside crucial support of 9120 is still well intact. 9060 is the next support.
On the Nifty hourly chart, it is trading much above both 50 and 100 hourly moving averages. Hence intraday correction towards 9062 (50 Hourly EMA) and 8995 (100 Hourly EMA) may be a good buying opportunity. Midway major support is 9120.
Considering Nifty multiple time frames and overall chart pattern that shows, Nifty found intermediate resistance around 9220. However, correction against the broader uptrend might be good opportunity to buy quality stocks.
Previous day, Bank Nifty closed at 21175.05 (down 0.35 percent). Upside resistances are placed around 21400 and 21600. And, 20900 is the immediate support, next one is placed around 20700.
Nifty crucial supports & resistances for the day:
Supports- 9120, 9060
Resistances- 9180, 9220, 9280Disclaimer: 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.