Nifty Prediction for Tomorrow 5th October 2023
Nifty opens with a down gap at 19446 vs. the previous close at 19528, approx 80 points lower.
Lost another 50 points post opening in the first hour and tested immediate support at 19392.
Took or you say tried to hold the support in the next hour though couldn't sustain in the following trading hours and fell further until the next support at 19331.
Then again recovered from the support and closed near its open price i.e. 19436, forming a doji candle at the support zone of 19392-19331
Rsi is trailing at 40.15 levels.
Rsi and price both closed at support, suggesting some bounce in price tomorrow and we might see a gap-up opening tomorrow around immediate resistance approx 100 points higher.
Tomorrow can be a volatile day.
The gap created today would act as an immediate resistance.
Immediate Resistance: 19544- 19550
Lost another 50 points post opening in the first hour and tested immediate support at 19392.
Took or you say tried to hold the support in the next hour though couldn't sustain in the following trading hours and fell further until the next support at 19331.
Then again recovered from the support and closed near its open price i.e. 19436, forming a doji candle at the support zone of 19392-19331
Rsi is trailing at 40.15 levels.
Rsi and price both closed at support, suggesting some bounce in price tomorrow and we might see a gap-up opening tomorrow around immediate resistance approx 100 points higher.
Tomorrow can be a volatile day.
The gap created today would act as an immediate resistance.
Immediate Resistance: 19544- 19550
Penafian
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