Thursday, 22 June 2017

Trade set up of the day

The Nifty closed below its crucial support level of 9,650 on Wednesday but the way bulls pulled the index from its intraday low of 9,608, a breakout is in the offing.

Once Nifty manages to get past the immediate hurdle of 9,676 levels then momentum is likely to strengthen further with which bulls may find enough ammunition with them to destroy the top of 9,709 going forward, suggest experts.

The Nifty which slipped towards its support of 9,600 managed to recoup some losses and closed near its opening level on Wednesday, making a ‘Hammer’-like pattern on the daily candlestick charts.

Support & Resistance Level for Nifty

The Nifty closed 19.90 points lower or 0.21 percent at 9,633.60. According to Pivot charts, the key support level for Nifty is placed at 9,611, followed by 9,589. If the index starts to move higher then key resistance levels to watch out are 9,653, followed by 9,672.

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