Nifty to face resistance at 6101 and 6147 - IDBI Capital

Yesterday, the session has ended by forming a "Small Bearish Candle" on the daily charts. The action indicates a confused and indecisive session for the day. At the opening bell, Nifty started the session on a positive note; thereafter, it traded sideways in a narrow range throughout the day before closing the session on a flat note at 6074 over the weekend. Current week is an Expiry week and most of the action will be focused towards the rollover activity. Hence, we have a view of Nifty to remain range bound and volatile till the expiry. On the oscillator's front, RSI & MACD are placed neutral near the trigger line on the daily charts. The market breathes have improved marginally with a rise in the volumes over the weekend.

Technically, last week's trading range (6007 to 6101) will act as a trend deciding levels for the current week. Today, RBI will release its policy and due to this important announcement, the market session would turn highly wild and volatile. Therefore, traders are suggested to look out for appropriate signals before taking trading positions on the indices. While swing traders are suggested to keep focus in the oversold stocks.On the back of the mixed international cues our markets are expected to open on a flat note; while indices could trade sideways to volatile for the day. However, any contrarian call will be covered during the trading sessions. Therefore day traders are suggested to first take a clue from the initial half an hour range in Nifty and then trade accordingly in the direction of the breakout. Intraday support levels are placed at 6046 and 6007 whereas the resistance levels are placed at 6101 and 6147.

Source : Equity Bulls

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