Nifty technical update- 20-04-2018

NSE:NIFTY   Nifty 50 Index
Nifty seen a major fall from its all time at@11171.5 and tested 9951.90 level, however From 9951.90 level, Nifty seen a straight steep recovery.

Currently its struggling near previous top and congestion zone . These levels are coincided with Fibonacci .50 retracement ( 10565). Nifty may face supply pressure near these levels.

In Previous session nifty formed small inside candle which can be referred as doji candle, since open and close levels are almost same.- In this session it neither made a new high nor new low.. it traded well within the previous candle.

However in today's session nifty opened flat@10560.35 (Previous close :10565.30) and close flat.. Trading was sluggish throughout session.

Resistance above 10630 for 10700-10730
Support Below 10500 for 10397


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