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Immediate resistance for Nifty at 10,440; top 5 stocks to buy which can return up to 15%

"Nifty has immediate resistance zone at 10,420-10,440 levels. Crossing this zone on sustainable basis, next zone for index is seen at 10,560-10,630 where 50 percent of rise and February congestion highs are seen," Ashish Chaturmohta, Head Technical and Derivatives at Sanctum Wealth Management said in an exclusive interview with Moneycontrol's Kshitij Anand.

April 10, 2018 / 12:43 PM IST
 
 
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"Nifty has immediate resistance zone at 10,420-10,440 levels. Crossing this zone on sustainable basis, next zone for index is seen at 10,560-10,630 where 50 percent of rise and February congestion highs are seen," Ashish Chaturmohta, Head Technical and Derivatives at  Sanctum Wealth Management said in an exclusive interview with Moneycontrol's Kshitij Anand.

Domestic equity markets extended gains for the third consecutive day as trade war concerns between US and China dissipated slightly. The Nifty closed the day yesterday at 10,379 levels up by 0.5 percent. Market breadth was positive with almost two advancing against a decline on NSE. But BSE midcap and small cap indices underperformed the benchmark as managed gains 0.2 percent and 0.4 percent respectively.

The bounce back in Nifty has almost reached 38.2 percent Fibonacci retracement of the fall from 11,172 to low of 9,952 which comes around at 10,420 levels. Also, the 50 and 100 day moving average are in the region 10,440 levels. Thus, index has immediate resistance zone at 10,420-10,440 levels. Crossing this zone on sustainable basis, next zone for index is seen at 10,560-10,630 where 50 percent of rise and February congestion highs are seen.

On the downside immediate support is seen at 10,290-10275 levels and 10,200 levels. Breaking below 10,200 level Nifty may see retest of recent low of 9,950 levels.