Support For Nifty At 8800-8855: Stewart & Mackertich - Dollar Advisory Financial Services

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Friday 3 March 2017

Support For Nifty At 8800-8855: Stewart & Mackertich

Nifty ended with a loss of 0.51 percent at 8899.75. Taking overnight global cues Nifty opened on stronger note but got slammed from day’s high 8992.50 to end the session below day’s open.

Closing below 8900 led to a bearish candle just below that trend line, connecting previous double tops, resistance placed around 8970. Failing to sustain above that trend line that we have been discussing since previous week led to furious sell off. 

For the second time Nifty reacted down from that trend line. Hence, considering longer-term chart pattern, we prefer sell on rise is the strategy to be followed now. 

Down side supports are placed around 8855, 8820 and 8800. Upside resistances are placed around 8940 and 8970.

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