According to Arihant Capital, if Nifty for first hour trade above 8788 level then it can test 8833 – 8880 levels. On the downside, 8720-8670 may act as support for the day.
Pattern Formation: On the daily chart, we are observing a narrow range body formation which suggests indecisiveness prevailing at current level. However, the momentum indicators are gaining momentum.
Outlook: The current price action on the daily chart suggests that 8788 is immediate resistance for the market. In coming trading session if Nifty for first hour trade above 8788 level then it can test 8833 – 8880 levels. On the downside, 8720-8670 may act as support for the day.
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