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Nifty outlook and top trading ideas by Vinay Rajani, Technical Analyst, HDFC Securities:
Nifty Outlook
From the recent bottom of 9951, Nifty has risen 474 odd points, to close at 10402. A 50DMA and 100DMA are currently placed at the same level of 10438 and the same is likely to act as an immediate resistance for the Nifty. Previous top on the Nifty is placed at 10478, which can also act as a resistance. Therefore, the range of 10430-10480 would be considered as a strong resistance zone. As far as support is concerned, 10238, the 20DMA is likely
Nifty Outlook
From the recent bottom of 9951, Nifty has risen 474 odd points, to close at 10402. A 50DMA and 100DMA are currently placed at the same level of 10438 and the same is likely to act as an immediate resistance for the Nifty. Previous top on the Nifty is placed at 10478, which can also act as a resistance. Therefore, the range of 10430-10480 would be considered as a strong resistance zone. As far as support is concerned, 10238, the 20DMA is likely
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