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NIFTY-50 on the daily chart has found resistance near the upper band of the pattern Says Mr. Rohan Patil, Samco Securities
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Below On Quote Market by Mr. Rohan Patil, Technical Analyst, SAMCO Securities
On its weekly expiry day on Thursday, (January 19), Nifty witnessed a gap-down opening following the weak global cues and continued to trade in red throughout the day.
NIFTY-50 on the daily chart has found resistance near the upper band of the pattern and prices witnessed some profit booking on the expiry day. On the lower time frame, we may witness a throwback toward the trend line support.
On the intraday basis, prices cut their 21 EMA but a smart recovery above 18,080 levels help prices to close above its 9 & 21 EMA which is placed at 18,034 & 18,080 levels.
The immediate upper band for the index is capped under 18,200 levels and support is placed at 18,035 levels.
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