NSE Nifty support at 9,900 and resistance at 10,220: Sameet Chavan, Angel Broking
As per Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, markets are providing option for traders to enter at lower levels. Sharp corrections should be considered as an entry point and rise in markets up to 10,350 should be considered as a good point to sell. Indian markets faced a sharp correction yesterday after opening strong. Today, we have witnessed strong upside move with NSE Nifty currently trading at 10,125.
Although, there are no signs of trend reversal and thus such in between corrections after a sharp run up keeps the market sentiment to equilibrium. Since there is no major change in the chart structure, we would read this a corrective move within a short term uptrend and hence, such dips usually provide good entry points at lower levels, Chavan said.
The immediate support for Nifty are placed around 9,985 followed by 9,900. Traders are advised to focus on stock-specific moves and look for buying opportunities on dips near the mentioned support. The intraday resistance for NSE Nifty is around 10,220 and 10,350.
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