Monday, 1 May 2017

Any fall in market may set higher bottom at 9,200-9,150 in week ahead

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In the coming days, any decline in Nifty from the current level could possibly form a new higher bottom around 9200-9150 level. Nifty Midcap, energy, and NBFC stocks have been forming positive price pattern, and are likely to attract buying interest on small declines. On the Daily scale, the Nifty has negated its formation of higher highs, higher lows of last five sessions and formed a Bearish candle. Now, a hold below 9280 only could attract profit booking towards 9191 and 9119, while on the upside, multiple hurdles are seen at 9350-9380 zones to start the next leg of the rally. Bank Nifty is comparatively having a stronger chart as it has been outperforming the Nifty. Now, it has to hold the current levels to extend its up move towards 22550 and 22750 zones.

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