Nifty Outlook by Epic Research

Nifty50 ended the day in a range bound session and closed at 10869 down by 14.25 Points. Bank Nifty fell by 163 points and closed at 26693. Technically, we see a thin red candlestick which implies relatively weak selling pressure and a limited price movement. When seen along with last two candles we see a topping out pattern signaling a reversal from higher levels. The selling pressure though is not as swift as compared to previous bear strikes at swing highs.

Currently Nifty is trading inside a Short-term rising wedge pattern. The Downside level information is at 10700 Levels which should not be broken on a closing basis and if Nifty does breach 10700 levels then we can expect 10440/10400 as an immediate target which is a resumption of bears in the game. Support for Nifty comes at 10775 Levels and Resistance is at 10940 Levels.

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Posted in: Indian Market Tips