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Nifty Next Hurdle in between 10,847 – 10,884 Levels

New Delhi: Nifty continued its uptrend pattern on Thursday. In its process, Nifty50 reclaimed it 10,800 zones by forming an inside bar on the daily chart. The next resistance to be break is in 10,847-10,884 points. While the immediate support is in the range of 10,690-10,700.

“Nifty is admiring its upward directional trend whereas declination is kicking in from the higher market base,” Chandan Taparia of Motilal Oswal Securities said.

Thursday trading chart tracking gives an indication of intraday trading high-low of 10,676 and 10,847 points made on July 08 i.e., Thursday would now act as resistance support for the index, Gaurav Ratnaparkhi of Sharekhan expects.

Ratnaparkhi said, “The 200-Day SMA and hourly upper Bollinger Band reporting a major obstruction. Nifty is most like to go for consolidation before heading to a directional move. Considering the negative aspect of the situation, multiple parameters like hourly lower Bollinger Band, 40-hour exponential moving average, a short term rising growth, and the gap area would work be working in favor of Nifty50.”

The index gained 1.01 per cent or 107 points to 10,813 level.

Manish Shah, an independent technical analyst said, “Market is in coiling state and the contraction of the volatility would result in a directional move for an index.”

Chartviewindia Mazhar Mohammad expects a 200-Day SMA level of 10,884 as a big barrier and adds support to the index at 10,690 points.

“If somehow index closes above 10,900 points then it would witness a bearish trend gap between 11,035 and 11,244 zones, formed on March 06, 2020. A close below 11,690 points might drag down the index to 10,500 points,” he added.

Ruchit Jain of Angel Broking, advisor of traders to have a stock-specific approach said,” There is no major change in the daily chart.”

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