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Expect Nifty to open on flat to positive note: Stewart & Mackertich

According to Stewart & Mackertich, taking global market cues Nifty is expected to open flat to positive while the Index has support at 9300, 9260 and resistance at 9380, 9420.

April 27, 2017 / 09:15 AM IST

Stewart & Mackertich’s Technical View

Taking global market cues Nifty is expected to open flat to positive. Immediate resistance is placed around 9380. 9420 is the next resistance. Nifty is likely to hold intraday positive momentum as long as it trades above 9300. Downside support is placed around 9260. Further, due to April series F&O expiry we expect Nifty to remain volatile in today’s session.

Previous day, Nifty hit all-time high of 9367 and ended up by 0.49 percent at 9351.85. Early morning positive momentum failed to progress beyond our second resistance of 9380 followed by sharp intraday retracement towards day’s low 9302. However, it recovered from day’s low and ended the session with a hammer kind of candle. Ending the session above our resistance of 9340 means upswing may continue for coming sessions as well. Upside resistances are placed around 9380 and 9420.

On the Nifty hourly chart, RSI has reached its overbought zone. And that caused mid-session sharp retracement towards 9302. Hence, investors are advised to be extremely cautious on rise and extremely selective about stock picking. Down side crucial supports are placed around 9300 and 9260.

Considering Nifty multiple time frames and overall chart pattern that shows; Nifty recovery triggered by positive divergence in hourly RSI led to a closing above 9340. Next resistances are placed around 9380 and 9420. However, negative divergence in Nifty daily RSI is still a concern.

Previous day, Bank Nifty closed at 22242.85 (up 0.85 percent). Immediate resistance is placed around 22350. While, the pivotal support is placed around 22100.

Close

Nifty crucial supports & resistances for the day —

Supports: 9300, 9260

Resistances: 9380, 9420

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.
first published: Apr 27, 2017 09:15 am

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