01-01-1970 12:00 AM | Source: HDFC Securities Ltd
Traders are advised to hold longs with strict stoploss of 17770 - HDFC Securities
News By Tags | #2034 #879

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Daily Technical View on Nifty

* For last three trading sessions, Nifty has been finding resistance at 18100 odd levels ? Nifty ended the session at the crucial upward sloping trend linesupport on the hourly charts

* On hourly charts, indicators and oscillators have turned bearish

* BankNifty registered new all time high above 41829 and faced profit booking afterthat

* On the daily charts of Nifty, oscillators have formed negative divergence

* However, unless Nifty breaks support, confirmation of bearish trend reversal will not come.

* For uptrend to resume, Nifty has to surpass 18100 resistance.

* Below 17770, short term trend of Nifty would turn bearish

* Traders are advised to hold longs with strict stoploss of 17770.

* Above 18100, Traders should cut short positions inNifty

 

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