Share Market Morning Update

The Nifty, which made a fresh record high of 9,830.05 on Tuesday, witnessed selling pressure towards the end of the trading session and made a ‘Shooting Star’ kind of pattern on the daily candlestick charts.

A 'Shooting Star' type of pattern is formed when the index trades well above its opening level but bears try to regain control on D-Street and the index comes under selling pressure as traders start booking profits at higher levels.

In exact 'Shooting Star' formation, the distance between the lowest price for the day and the closing price must be very small or non-existent. However, in Tuesday’s trading session, there was a small lower shadow.

The index has a strong support placed at 9,600 and investors will be better off booking some profits at higher levels. Investors can still maintain long positions with a stop below 9,700.

Support & Resistance level for Nifty -

The Nifty closed 15 points higher or 0.15 percent at 9,786.05. According to Pivot charts, the key support level for Nifty is placed at 9,766.58, followed by 9,747.12. If the index starts to move higher then key resistance levels to watch out are 9,817.78, followed by 9,849.52.

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