Nifty finds crucial support at 17650, traders advised to focus on quality names

On Tuesday, US markets extended their losses but yesterday morning (Thursday) we saw some recovery in Dow futures and Asian bourses also looked cheerful. Despite this, our markets started correcting after a flat start. Barring a small recovery in the first hour, we witnessed continuous selling pressure thereafter. In fact, post the mid-session the selling augmented to slide below 17700 as well. Fortunately, due to some modest tail end recovery, Nifty managed to minimize the damage to a per cent.

Nifty support nears 17300

“On the technical front, the key resistance levels for Nifty50 are 18,300 followed by 18,500 and on the downside 17,600 followed by 17,300 can act as strong support. Key resistance and support levels for Bank Nifty are 38,500 and 37,500 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Spread the love

Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

Leave a Comment