As per the market observers, Nifty has formed an ‘inside bar’ on the daily technical charts. It can continue to trade in the narrow range unless any decisive move takes index outside the range of 9,590-9,650 range.Nifty closed at 9,637 level up by 24 points and Sensex closed at 31,245 level up by 35 points on Wednesday. The Nifty50 index traded in a narrow range with an intraday low of 9,607 level and intraday high of 9,643 level. However, it ended at a 2-week closing high.
Nifty could not cross the immediate resistance level of 9650. As per the market observers, Nifty has formed an ‘inside bar’ on the daily technical charts. It can continue to trade in the narrow range unless any decisive move takes index outside the range of 9,590-9,650 range.
Nifty’s 5-day exponential moving average (EMA) and 13-day EMA stood at 9,596 and 9,586 level, respectively. The Nifty50 index now, going forward, may find resistance near levels of 9,650-9,660, and if it sustains above this resistance zone, it may scale up to levels of 9,700-9,710. On the lower end, the level of 9,580 may act as an immediate support level for Nifty50, but if the index fails to hold this support level, it may witness further correction up to levels of 9,550 and 9,530.
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