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Sep 28.2020-The domestic equity market on Friday turned out once again on the expected lines as Nift

The domestic equity market on Friday turned out once again on the expected lines as Nifty staged a strong pullback rally to end the day with decent gains.


Pattern analysis shows that Nifty has failed twice to break above the double top resistance point of 11,430. This brings the major pattern resistance zone down to 11,400-11,430 levels from the earlier 11,800 levels. The technical pullback might continue but the zone of 11,400-11,450 will continue to pose resistance to Nifty at higher levels.


Speaking from a very short-term perspective, we may see the market seeing some more technical pullback. That being said, it would be crucial to keep a hawk-eye on the technical pullback that is happening in the Dollar Index as well. Financial stocks may either lag in performance or may put up a highly stock-specific show.


Nifty (11050) 11000 is a stiff resistance to work with and the downside is open’ the Nifty turned around and higher to closed in the green near our resistance…technically now 11106-204 is a possibility as long as 10900 holds…


Nifty Bank (20982) now 19598 is the next logical target and stiff resistance exists at 21300’ the Nifty Bank turned around and has closed in the green… technically now 21303 is a possibility as long as 20750 holds…

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