According to Arihant Capital, in coming trading session if Nifty for first hour trade above 8510 level then it can test 8550 – 8600 levels. On the downside, 8450 – 8380 may act as support for the day.
Pattern Formation: On the daily chart, we are observing that prices have taken
support at the upward gap area of 8236 to 8380 (formed on January 15, 2015) and have
formed a bull candle.
Outlook: In view of the above pattern formation it is evident that momentum on the upside is likely to continue. In coming trading session if Nifty for first hour trade above 8510 level then it can test 8550 – 8600 levels. On the downside, 8450 – 8380 may act as support for the day.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any
investment decisions.
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