The Nifty closed flat, gaining 15 points to close at 10,905 after opening with an upward gap but seeing selling pressure for most of the session. On the daily chart, the index has formed a bearish candle with a long lower shadow, indicating buying support at lower levels. The index faces resistance at 10,930 and needs to sustain above this level to potentially rise to 10,970-11,000, but a break below 10,850 could see it fall to 10,800-10,750. Technical indicators suggest a possible consolidation or upward move in the near term. Key support and resistance levels for the day are 10,895 and 10,940-10,980-11,030 respectively.

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,905.20 0.14% 10810 10855 10895 10940 10980
Sensex 36374.08 0.15% 36040 36205 36340 36505 36635
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and witnessed selling for most part of the session. However last hour
pullback action pulled index higher to close on flat note. Nifty closed at 10905 with a gain of 15 points.
On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying
support at lower levels. From last two days Nifty is facing resistance at 10930 levels and these levels are
crucial to watch for in coming sessions. The chart pattern suggests that if Nifty crosses and sustains
above 10930 levels it would witness buying which would lead the index towards 10970-11000 levels.
However if index breaks below 10850 level it would witness selling which would take the index towards
10800-10750. Nifty is trading above 20, 50 and 100 day SMAs which are important short term moving
averages, indicating positive bias in the short to medium term.
The daily strength indicator RSI continues to remain flat above its reference line indicating lack of
strength and momentum oscillator Stochastic has turned positive indicating a possible consolidation or
an upward move in the near term.
The trend deciding level for the day is 10895. If NIFTY trades above this level then we may witness a
further rally up to 10940-10980-11030 levels. However, if NIFTY trades below 10895 levels then we may
see some profit booking initiating in the market, which may correct up to 10855-10810-10770 levels

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