Nifty Fails to hold above 10900, Keeps Bulls and Bears at Bay! 5/5 (2)

Nifty Intraday levels

Indian Indices witnessed a low volatility session on Wednesday.

The Nifty50 index opened at 10,899.65 and immediately crossed 10,900 mark to make a high at 10,928.15. However, there was a sell off from day highs and the index soon slipped below the 10,900 mark to make a low at 10,876.90. At the end, the index closed at 10,890.30 and recorded minuscule gains of 0.03%

Bank Nifty also had a low volatile session and the index confined its trading range in a zone of 150 points during the session. The Index started the day at 27,405.65 and built on the momentum to make a high at 27,544.75. However, it closed the day off the day highs at 27,483.70 and recorded gains of 0.30%!

In the following post , I will be throwing light on latest Technical Picture of Nifty and Bank Nifty and will discuss how shall Intraday traders be positioned now in Index.

Technical View-

Nifty has formed a Small consolidation candle on daily charts which indicates a break in the underlying persisting trend. The next leg of buying would resume only when the immediate hurdle placed at 10,929 is taken out.

For Intraday traders, the immediate resistance of Nifty stands at 10,929 (R1) and immediate pivot support is at 10,875 level.

On the other hand, Bank Nifty delivered a low volatility session but the Index is still trading above the immediate support levels of 50, 20, 10 EMA indicating the strength of buyers in Banks. Intraday Traders may gain points if the immediate hurdle/resistance of 27,502 is taken out in the next session.

For Intraday Traders, the immediate intraday resistance for the index stands at 27,502 and Intraday support is placed 27,450.

Nifty Trading levels/Trade Date- 17/01/2019

Buy above 10,929 for targets of 10,950/10,970

Sell below 10,875 for targets of 10,855/10,835

Bank Nifty Trading levels/Trade Date- 17/01/2019

Buy above 27,502 for targets of 27,540/27,580

Sell below 27,450 for targets of 27,410/27,380

*All levels mentioned are of cash/ spot segment.

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Author: Traders' Chowk

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