Monday, 8 May 2017

Nifty likely to trade in 9,279-9,414 range this week

The Nifty is likely to move between 9279 and 9414 in the coming week with 9350 as a resistance level. Any adverse development on the geo-political front would accelerate profit booking in the market and cause the Nifty to break below 9200 and drift down towards 9120-9000. Banking, cement, tyre, and infra sector stocks will show strength in the coming week.


The Nifty futures may find support around 9191 and 9279 on the downside (9191 is the 161.80% price downside (9191 is the 161.80% price extension drawn from low of 4592.40 to high of 6349; and 9279 is the 161.80% price extension drawn from low of 4538 to high of 6349). The Nifty futures may find resistance around 9414 and 9544 on the upside. The Nifty futures closed at the middle level of the weekly charts showing indecision for the next week with positive basis.

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Riyanshi

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