On Oct 12,2018 Nifty closed at 10472.
What next? There are many predictions going on in media and I feel overall people think that market will fall.
Technical chart shows bullish signal. But market will move both ways.
The upper level for Nifty on Monday is 10540 and lower it can move upto 10,377
The reason is difficulty in breaking support and resistance.
If it breaks lower support can move down further to 10280-10300 level (chances are less)
If it breaks upper resistance at 10580 it can move to 10620 level (chances are less)
It can also remain range bound between 10525 and 10477 for quite some time
All levels mentioned are approximate
Market may open high (gap up) above 10,500 in that case it can reach 10,600 level approx.
This means it has overcome the resistance of 10480 so it will be difficult to go down much below that level
Please note that any positive or negative news can overrule my predictions as they are purely based on technicals.
Please give your feedback in the comment section.
Disclaimer - This article is for study and knowledge purpose only, please take advice of your financial adviser before investing or trading.
What next? There are many predictions going on in media and I feel overall people think that market will fall.
Technical chart shows bullish signal. But market will move both ways.
The upper level for Nifty on Monday is 10540 and lower it can move upto 10,377
The reason is difficulty in breaking support and resistance.
If it breaks lower support can move down further to 10280-10300 level (chances are less)
If it breaks upper resistance at 10580 it can move to 10620 level (chances are less)
It can also remain range bound between 10525 and 10477 for quite some time
All levels mentioned are approximate
Market may open high (gap up) above 10,500 in that case it can reach 10,600 level approx.
This means it has overcome the resistance of 10480 so it will be difficult to go down much below that level
Please note that any positive or negative news can overrule my predictions as they are purely based on technicals.
Please give your feedback in the comment section.
Disclaimer - This article is for study and knowledge purpose only, please take advice of your financial adviser before investing or trading.
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