According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up but there is a good chance that we could have a large day with some profit booking in the upper regions.
The Nifty opened with a gap on the upside but failed to add momentum and closed just above its opening level making a ‘Doji’ kind of candle for the second consecutive day in a row on Tuesday.
The Nifty closed at 10,017.0 on Tuesday. According to Pivot charts, the key support level is placed at 10,001.53, followed by 9,986.07. If the index starts to move higher, key resistance levels to watch out are 10,033.23 and 10,049.47.
The Nifty Bank closed at 24,347.4. Important Pivot level, which will act as crucial support for the index, is placed at 24,287.46, followed by 24,227.53. On the upside, key resistance levels are 24,393.57, followed by 24,439.73.
The Nifty50 futures on the Singapore Stock Exchange were trading 27.50 points higher at 10071 indicating a flat to positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up but there is a good chance that we could have a large day with some profit booking in the upper regions. The crucial support for the Nifty is at 9900 and the resistance is at 10035-10074. Bank Nifty on the other hand has support at 24300 and resistance at 24500.
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