MARKET SUMMARY:
It was a lackluster special trading session on Saturday for Indian equity market. The day was started on flat note & nifty traded in very small trading range of 6482-6502 level for the entire trading session. There was no activity in front line index while there was satisfactory movement in some midcap counters. At the end nifty close at 6494 mark with flat note.
Nifty may come out of trading range where 6480 is significant support to watch out.
Daily Nifty Levels
Resistance: 6520/6540/6570
Pivot: 6498
Support: 6480/6430/6400
CHART FORMATIONS:
After a long consolidation nifty may come out of this range where if nifty manages to trade above 6480 mark then it may move towards 6570 mark once again while below 6480 nifty may slip to 6430/6400 mark.....Read More
It was a lackluster special trading session on Saturday for Indian equity market. The day was started on flat note & nifty traded in very small trading range of 6482-6502 level for the entire trading session. There was no activity in front line index while there was satisfactory movement in some midcap counters. At the end nifty close at 6494 mark with flat note.
Nifty may come out of trading range where 6480 is significant support to watch out.
Daily Nifty Levels
Resistance: 6520/6540/6570
Pivot: 6498
Support: 6480/6430/6400
CHART FORMATIONS:
- On Hourly chart nifty is forming double top formation where 6430 is the neckline support.
- On weekly chart nifty is facing resistance at upsloping trendline resistance placed around 6600 mark.
- On monthly chart nifty witnessed breakout of ascending triangle formation which is a sign of a huge upmove.
- Nifty ends with spinning top candlestick formation which is generally a reversal signal yet momentum may snub this structure.
- 9-Day EMA shifted to 6482mark which will act as an immediate support at any correction.
- Momentum indicator RSI is again catching momentum while stochastic still heading southwards.
- CCI has slipped to -83 mark while MACD moreover witnessed negative crossover.
After a long consolidation nifty may come out of this range where if nifty manages to trade above 6480 mark then it may move towards 6570 mark once again while below 6480 nifty may slip to 6430/6400 mark.....Read More