With an amazing expiry that favored the bulls in big measure the Index is very close to its psychological resistance of 17000. SGX NIFTY indicates a very strong opening for the index and can open comfortably above 17000. Longer time frame chart suggest that the next set of resistance can come in near 17400-17780 zone. For the immediate expiry 17060-17140 could act as a resistance. A break above that can propel the market to 17400 levels. On the downside 16790-16640 can be strong support zone.
Important levels for the day are given below
Bullish Above 16970
Upside targets can be 17040/17070/17130
Bearish Below 16940
Downside targets can be 16900/16860/16820
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.
Important levels for the day are given below
Bullish Above 16970
Upside targets can be 17040/17070/17130
Bearish Below 16940
Downside targets can be 16900/16860/16820
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.