Support for Nifty at 9390: Stewart & Mackertich
Downside crucial supports are placed around 9390 and 9360, says a report by Stewart & Mackertich.
Stewart & Mackertich’s Technical View
Taking global market cues Nifty is expected to open flat to positive and likely to remain under pressure as long as it trades below 9490. 9520 is the next resistance. Downside crucial supports are placed around 9390 and 9360.
Previous day, Nifty ended 1.01 percent down at 9429.45. Following global market cues Nifty opened minor gap down followed by violent sell off towards ending the session nearer to day’s low. Midsession wild volatility failed to take Nifty above the 9500 mark, day’s high was 9489, followed by session end vehement sell off led the index below our crucial support of 9460. Nifty wild volatility followed by intense sell off led to a bearish candle. However, short-term pivotal support of 9390 is still well intact. Successful violation may extend the short-term correction (against the broader uptrend) towards 9360 and 9300 levels.
On the Nifty hourly chart, RSI turned down sharply following Nifty’s violent down swing. However, Nifty 100 hourly EMA placed around 9390 may provide stationary support. 200 hourly EMA is placed around 9300.
Considering Nifty multiple time frames and overall chart pattern that shows; Nifty failed to recover above 9490 mark. Hence stay cautious on rise. Down side crucial supports are placed around 9390, 9360, and 9300.
Previous day, Bank Nifty ended at 22698.60 (down 1.03 percent). Uptrending channel support placed around 22580 may now act as the pivotal support. While the upside resistances are placed around 22840 and 22900.
Nifty crucial supports & resistances for the day -
Supports: 9390, 9360, 9300
Resistances: 9460, 9490, 9520.Disclaimer: 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.