The Nifty ended 0.40% up at 10,458.65. It broke out the critical resistance of 10,420, 38.2% Fibonacci retracement level of the entire correction from Nifty all time high to its recent low around 9950 levels, as communicated in our previous post and finished off the session with a bullish body candle. Ending the day above 10,430 is a mark of renewed strength and broadens the possibility of Nifty heading towards 10,570. Midway resistance is placed around 10,500. Hence intraday dip towards 10,420 might be an ideal opportunity to accumulate up-trending blue-chip stocks for the next round of up-move. On a similar note, third attempt breakout of pivotal resistance placed around 10,420 while global cues do not look in favour of the aggressive bulls seems invigorating.
On the Nifty hourly chart; Nifty continues moving higher despite flattening RSI, which is pointing towards
strengthening trend. Upside resistances are placed around 10,500 and 10,530.
Nifty patterns on multiple time frames show; it broke out 38.2% Fibonacci retracement level, placed around 10,420, of the entire correction from the all-time high to its recent low around 9950 and likely to move up further towards 10,500 and 10,570.
Read the full report at: https://www.smifs.com/files/reports/636591533148864294_SMIFS%20Research-Daily%20Dossier%2012-04-2018.pdf
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