Thursday, 4 May 2017

See flat to positive opening; support for Bank Nifty at 22270: Stewart & Mackertich

Taking global market cues Nifty is expected to open flat to positive. Immediate resistance is placed around 9350. 9380 and 9400 are the next resistances. Downside pivotal support is placed around 9260. 9200 is the next support, says Stewart & Mackertich.

Stewart & Mackertich’s Technical View:
US Fed on Wednesday kept the key interest rate unchanged, amid economic weakness. Taking global market cues Nifty is expected to open flat to positive. Immediate resistance is placed around 9350. 9380 and 9400 are the next resistances. Downside pivotal support is placed around 9260. 9200 is the next support.

Previous day, Nifty ended 0.02 percent down at 9311.95. It remained stuck in the price band of 9346 to 9299 for the entire session towards ending the day above 9300 mark. It failed to penetrate the resistance of 9350 and ended the session with a bearish candle for the fourth consecutive session. Nifty resistance of 9380 remained intact. However downside crucial support of 9260 is still well intact and may arrest severe downfall. Below 9260, next support is placed around 9200.

On the Nifty hourly chart, RSI is still in down trending mode. Hence, investors are advised to be extremely cautious on rise around crucial resistances placed around 9350 and 9380. Downside pivotal support is placed around 9260. 100 hourly EMA is placed around 9250.

Considering Nifty multiple time frames and overall chart pattern that shows; Nifty is trading just below the short-term up trending channel resistance placed around 9380 and ended the day with a bearish candle for the fourth consecutive session, which is discouraging for the intraday bulls.

Previous day, Bank Nifty closed at 22307.30. Immediate resistances are placed around 22400 and 22500. While the up-trending channel support is placed around 22270. Below 22270, next support is placed around 22150.

Nifty crucial supports & resistances for the day—

Supports- 9260, 9200

Resistances- 9350, 9380, 9400

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