Nifty Resistance, Breakout & Key Levels As Traders Await India, US CPI
By Malvika Gurung
Investing.com — The domestic indices made a flat closing with negative bias in a volatile session on Wednesday ahead of key domestic and US inflation data set to release on Jan 12.
Benchmark indices ended 0.1% lower at 17,895.7 levels, not surpassing the 18,000 mark even once during the session, while ended flat, lowering 9.98 points.
In a note provided to Investing.com, Rupak De, Senior Technical Analyst at LKP Securities stated that Nifty remained range bound throughout the session on Wednesday, adding that the market sentiment remains negative as the benchmark index fell below the crucial short-term moving average (50 EMA).
The daily RSI is in bearish crossover on the daily timeframe, suggesting sluggish momentum. Over the short term, the trend is likely to remain sideways or negative, he said.
“On the higher end, resistance is visible at 18,000/18,250. On the lower end, support is visible at 17,800,” De added.
Shrikant Chouhan of Kotak Securities suggests 18,000 to be an important breakout level to watch out for, for bulls and pegs a quick uptrend rally towards 18,100-18,150 levels above the 18,000 mark. However, trading below 17,800 could trigger further weakness up to 17,700-17,675.
Nagaraj Shetti of HDFC Securities places the immediate resistance at around 18,000 levels.