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Expect Nifty to open around 11,000 mark with resistance at 11,125: Stewart & Mackertich

Taking global market cues, Nifty is expected to open around 11,100 mark and likely to test upside resistance placed around 11,125. Next resistance is placed around 11175, says a report by Stewart & Mackertich.

Stewart & Mackertich’s Market Report:

Taking global market cues, Nifty is expected to open around 11,100 mark and likely to test upside resistance placed around 11,125. Next resistance is placed around 11175. Intraday retracement may find strong support around 11090 and 11050.

Nifty ended 0.55 percent up at 11130.40. It continued its early morning positive momentum and touched the intraday high of 11171.55. However, failing to penetrate the resistance of 11,175 led to end the session with an ‘Inverted hammer candle’. Chart pattern suggests, higher high higher low pattern is intact. Hence, Nifty may again find strong assistance from the bulls on dips around critical support levels. Downside supports are placed around 11090 and 11050.

On the Nifty hourly chart; negative divergence in RSI may trigger an intraday dip towards 11090 and 11050, which may be a decent opportunity for the intraday bulls.

Nifty patterns on multiple time frames show, Nifty almost touched our resistance of 11175 towards ending the session on ambiguous note. Momentum oscillators on daily chart suggest, Nifty may get into consolidation in the price band of 11175-11050 before next leg of up-move beyond 11175. Next resistance is placed around 11230. Free NSE Tips Intraday Trading Stock Market Tips

Previous day, Bank Nifty ended at 27498.45.45 (up 0.19 percent). 27390 is the immediate pivotal support, while the upside resistance is placed around 27650.

Nifty crucial supports and  resistances for the day:

Supports- 11090, 11050

Resistances- 11175, 11230


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