Support for Nifty at 9070, 9040: Stewart & Mackertich
According to Stewart & Mackertich, support for Nifty is at 9070, 9040 while the Index has resistance at 9180, 9200.
Stewart & Mackertich’s Market Report:
Nifty ended 0.02 percent down at 9103.50 after having a subdued session throughout the day. It continued its losing streak for the fifth consecutive time. It rebounded strongly from day’s low of 9075.15 before ending the session above 9100. Today’s high was 9120.50. Nifty breached support level of 9090. 9070 may continue to act as pivotal support. Pivotal resistance is placed around 9180.
Considering Nifty multiple time frames and overall chart pattern that shows; negative divergence in daily RSI may be a concern. Nifty closing below 9070 is a sign of weakness. Hence, traders and investors are advised to be extremely cautious here. However, “trend following with strict trailing stop loss” trading strategy is advised.
Nifty crucial supports & resistances—
Supports- 9070, 9040
Resistances- 9180, 9200Disclaimer: 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.