Nifty Got Resisted At All Time High; Sees Profit Booking

Nifty Got Resisted At All Time High; Sees Profit Booking

Vivek Bajaj  | Sep 13, 2017 17:36


Nifty close 10079.3: Nifty opened flat and sees profit booking near its life time high (at approx. 10138). As mentioned in last day’s report that previous high may act as a resistance in the short term and Nifty was unable to breach that level in today’s session.

Hourly Technical:
In the Hourly chart, Nifty consolidated near its lifetime high and saw some correction in the second half. The probable support in the hourly chart comes at 34 Hourly moving average (presently at approx. 10020.8).

On the upside, Nifty may face resistance at upper Bollinger line (presently at approx. 10140.8).

Hourly CCI, RSI, Stochastic have entered the normal zone from the overbought zone. Moreover, ADX has also turned down indicating loss of momentum. Overall Nifty remains Bullish to neutral in Hourly timeframe.

Nifty Hourly Chart

Figure: Nifty Hourly Chart

Daily Technical:
Nifty may likely to consolidate in 10000-10100 range for sometime before it will resume its next leg of up move. Today’s correction at the top was very likely but however the underlying strength is still intact.

The probable support in the Daily chart comes at 5 Day High EMA (presently at approx. 10056.7) and 5 DMA (presently at approx.10008.6).

On the upside, Nifty may face resistance at all time high (at approx 10138).
Daily Stochastic and CCI are in overbought zone and RSI is close to the upper bound of the normal zone. Daily ADX has finally turned up thus indicating gain in momentum, but this strength will increase once it goes above 20 levels. Overall Nifty remains Bullish in Daily timeframe.

Nifty Daily Chart

Figure: Nifty Daily Chart

Nifty Tech Table
Figure: Nifty Tech Table

You can also view the Original Report here.


Disclaimer:

Elearnmarkets wants to inform you that this post/video is solely for educational purpose. We are not advising any trading or investment ideas. We want to add that the data/indicator/signals contained in this website/post/video are not necessarily real-time nor accurate. All CFDs/traded instruments (stocks, indexes, futures, commodities) and Forex prices are not provided by exchanges but rather by web based charting platforms, and so prices/indicators may not be accurate and may differ from the actual market prices, meaning prices are indicative and not appropriate for trading or investing purposes. Therefore, Elearnmarkets doesn`t bear any responsibility for any trading losses you might incur as a result of using this data/ indicators/charting platform. This analysis is purely based on the technical observations and not meant for investing with real money. Elearnmarkets does not have any position in the market. One can create position in market at his/her own risk.

Elearnmarkets or anyone involved with Elearnmarkets will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals/discussions contained within this website/post. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Vivek Bajaj

Related Articles

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading in financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (shares, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn't bear any responsibility for any trading losses you might incur as a result of using this data.

English (USA) English (UK) English (Canada) English (Australia) English (South Africa) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 中文 香港 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+