Nifty at 22,750 Trendline Resistance; BSE Clears Resistance

Yesterday’s expiry session was volatile. Nifty opened higher and reached a high near 22,830, just short of 22,872. It then corrected into the 22,690-22,570 pivot cluster, recovered and settled near 22,760. It now faces a falling trendline near 22,750. RSI at 56.58 is just above the midline but has turned down. GIFT Nifty is about 130 points lower as of this writing, which points to a lower open. Resistance: 22,750-22,760 / 22,840 / 22,930. Support: 22,650 / 22,550. Sustaining above 22,750-22,760 could give the index room towards 22,840-22,930. Otherwise 22,650-22,550 is possible, and an early test of lower levels at the open cannot be ruled out. After a Morning Star in

near the 3,000 low in early October, the stock moved above a falling trendline and consolidated. It has now moved above a second descending line drawn from the August highs, near 3,380-3,400, and trades near 3,447 with RSI at 63.76. Resistance: 3,500, then 3,640. Support: 3,380-3,400, then 3,200. A retest of the broken line will be worth observing. A reversal pattern like the Morning Star gains weight when followed by trendline breaks, and each break needs to hold on a retest. Disclaimer:This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.