Friday, 6 January 2017

Intraday support for Nifty at 8227-8250: Angel Broking

The intraday supports for the Nifty index are placed around 8250 and 8227; whereas intraday resistance is seen in the range of 8300 - 8325, says Angel Broking. 

Sensex (26878)/Nifty (8274) 

Looking at past three days selling pressure at 8200, opening above this level was the only option left to surpass this strong hurdle and we saw this today as the Nifty convincingly opened higher. In fact the momentum was so strong, the index rallied higher to test the higher end of our given target zone 8229 - 8274.

Throughout the session, we witnessed a broad participation wherein majority of the sectors (except IT) contributed in the upmove. Nifty has now closed in the vicinity of the resistance around 8274, where the previous high (of 9th December) coincides with the ‘200 SMA’ on the daily chart.

However, as the market breadth continues to be robust in favor of the advances and the ‘RSI Smoothened’ oscillator (which measures the market momentum) is indicating continuation of the positive momentum. Thus, we reiterate that the Nifty is likely to move higher towards 8376- 8400 in near term. Hence, traders are advised to continue to trade with a positive bias and trail stoploss higher on the existing longs to 8195.

The intraday supports for the Nifty index are placed around 8250 and 8227; whereas intraday resistance is seen in the range of 8300 - 8325.
www.Bigprofitbuzz.com


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