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Expect Nifty to open positive, support placed around 9680: Stewart & Mackertich

Taking global market cues Nifty is expected to open positive and likely to remain under pressure as long as it trades below 9780. Midway crucial resistance is placed around 9755. Downside support is placed around 9680, says a report by Stewart & Mackertich.

August 14, 2017 / 09:05 AM IST

Stewart & Mackertich’s Technical View:

Taking global market cues Nifty is expected to open positive and likely to remain under pressure as long as it trades below 9780. Midway crucial resistance is placed around 9755. Downside support is placed around 9680.

On the last trading day of the previous week, Nifty ended 1.11% down at 9710.80. Taking overnight global markets cues it opened gap down and remained extremely volatile throughout the session. Early morning low around of 9710 got breached down in the latter half of the trade towards ending the session with a bearish Doji candle. Finishing off the last trading day of the week on an extreme bearish note is pointing towards further correction. However, after straight fall for the fourth consecutive session Nifty might get into an intraday pullback mode followed by range bound oscillation before its next course of down move. Upside resistances are placed around 9755 and 9780.

On the Nifty hourly chart; it is trading below all the crucial moving averages. Hence, needless to say Nifty retracement against the broader uptrend might get deepen towards 9680 and 9610.

Considering Nifty multiple time frames and overall chart pattern that shows; Nifty breaking down upward trend line may lead to a short-term correction against the broader uptrend. Hence, Nifty propelled by strong corrective momentum may approach towards downside crucial supports placed around 9680 and 9610, which comes up as an excellent opportunity for the long-term and portfolio investors to accumulate blue-chip stocks across large-cap and mid-cap space.

Close

Last Friday, Bank Nifty ended at 23985.75 (down 0.96 percent). 23820 and 23740 are the immediate downside supports. Upside resistance is placed around 24260.

Nifty crucial supports and resistances for the day:

Supports: 9680, 9610

Resistances: 9755, 9780

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: Aug 14, 2017 09:05 am

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