According to Stewart & Mackertich, support for Nifty is at 8920, 8880 while the Index has resistance at 8980 and 9020.
Stewart & Mackertich’s Market Report:
Nifty ended with a gain of 0.74 percent at 8963.45. Tracking global market cues it opened positive followed by intraday sell off towards 8930. However, at the end of the session it again recovered towards day’s high and finally closed at 8963.45. It once again closed near to the Nifty previous double top resistance area 8980. Hence, buying is not advised except a very few, rather one can look for selling opportunities on rise around crucial resistances as long as Nifty trades below established double top resistance.
On the Nifty hourly chart, after reacting up exactly from the 100 hourly EMA, now placed around 8880, it is approaching towards the crucial resistance of 8980. However, we prefer being cautious on rise towards its Nifty double top resistance. Considering Nifty multiple time frames and overall chart pattern that shows, Nifty is unable to breakout its previous double top resistance placed around 8980.
However, UP assembly election exit poles sched-uled to be released on 9th March may be a Nifty shorter term trend determining factor.
Nifty crucial supports & resistances:
Supports: 8920, 8880
Resistances: 8980, 9020
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