The Nifty50 had a flat session post a rally of 160 points in the last three days. On the charts, Nifty Future has formed a Doji indicating the indecision at the upper resistance levels.
The Nifty had a gap-up opening and attempted to pass through a major resistance level of 10450 but could not sustain at higher levels. It made of a low of 10392 and managed to close near the day's open at 10242.50.
The upthrust may sustain only if we can see closing above the resistance levels of 10450 levels. Thereafter, we may have gates opened for higher targets of 10550-10650.
On the upside, 10650 is a very strong resistance. The Nifty had taken support at 10390 levels on Wednesday which indicates mild bullishness in the current case.
The volatility has gone down in the last 4 days. We have seen some major value picking at lower levels in midcaps and the largecaps.
The Nifty has bigger targets once we successfully close 10450 levels. Thereon, 10620/10640 are levels to watch out for in near term. This is where the stiff resistance would come.
Broadly, if we cannot sustain at these levels then the downside is open to 9950 Levels from where Nifty reversed. The current short-term resistance comes at 10450-10460 levels whereas on the downside 10350-10150 are the major support levels.
Disclaimer: The author is CEO, Epic Research. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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