Resistance for Nifty seen at 18,140, says Ravi Nathani

According to the technical analyst, the if the NSE Nifty 50 benchmark surpasses the resistance a rally to 18,265 seems likely.

Nifty

Last close: 18,101.20

Intraday Chart Pattern: Stiff resistance had been witnessed around 18,140 which was also the R1 Pivot level for this week; trade above this level will surely push Nifty for its next resistance which would be at 18,265.

Kindly note short-term trend is range bound on charts (18,265 – 17,775) as any day in this week these levels are violated then we will get 18,382 & 18,550 on the higher side and 17,680 and 17,500 on the lower side.

Technical Indicators like MACD, Bollinger Bands & Moving Averages are suggesting very strong resistance for intraday is expected to be between 18,180