The Nifty50 remained volatile on the expiry day and closed above its crucial support level of 9,500 on Thursday. The index made an ‘Inverted Hammer’ kind of pattern on the daily candlestick charts.
Inverted Hammer signifies that markets could be bottoming out and there is a higher chance of a bounce back in the upcoming session, but that will only be confirmed on seeing Today's candlestick formation.
Traders can safely assume that as long as 9,470 holds on the Nifty positive momentum is likely to continue while a close above 9,600-9,615 would resume the uptrend.
Key Support & Resistance Level for Nifty:
The Nifty closed 12 points higher or 0.14 percent at 9,504. According to Pivot charts, the key support level for Nifty50 is placed at 9,473, followed by 9,442. If the index starts to move higher then key resistance levels to watch out are 9,555, followed by 9,606.
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