Thursday, 27 April 2017

Expect Nifty To Open On Flat To Positive Note: Stewart & Mackertich

Taking global market cues Nifty is expected to open flat to positive. Immediate resistance is placed around 9380. 9420 is the next resistance. Nifty is likely to hold intraday positive momentum as long as it trades above 9300. Downside support is placed around 9260. Further, due to April series F&O expiry we expect Nifty to remain volatile in today’s session.

Previous day, Nifty hit all-time high of 9367 and ended up by 0.49 percent at 9351.85. Early morning positive momentum failed to progress beyond our second resistance of 9380 followed by sharp intraday retracement towards day’s low 9302. 

However, it recovered from day’s low and ended the session with a hammer kind of candle. Ending the session above our resistance of 9340 means upswing may continue for coming sessions as well. Upside resistances are placed around 9380 and 9420.

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