Index trend and stocks in action June 12, 2017

On Friday, Nifty opened the session on negative note and it drifted lower to mark an intraday low of 9,608, buying emerged during afternoon session and Nifty ended the day near the highs. On the daily charts, Nifty has formed a ‘Hammer’ like candlestick pattern, which reflects an emergence of buying interest from the lower levels. Going forward, the zone of 9,600-9,630 may continue to act as a strong support zone. Whereas, the level of 9,700-9,710 may continue to act as a resistance zone for the Nifty. In the last week, Nifty traded in a range of almost 100 points between 9,608-9,709, a break below or above this range may provide a directional move. Hence, if lower end of the range is breached it may further slide up to levels of 9,570-9,530. If upper end of the range is breached, Nifty may scale up to levels of 9,780-9,850.

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