Global market cues Nifty is likely to open flat, and expected to remain subdued as long as it trades below 9220. Next resistance is placed around 9280. Downside supports are placed around 9120 and 9060.
Nifty ended up 2.61 % at 9160.05 on weekly basis. It started the previous week with a gap up around 9090 and went up to all time high 9218. Weekly closing above previous double top resistance is pointing towards continuity of uptrend.
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Previous Friday, Nifty ended with a minor gain of 0.07 % at 9160.05. Taking global market cues it opened on stronger note and almost met our target of 9220, day’s high was 9218, as discussed in our previous daily communications. However, intraday correction from the high of the day led to a closing nearer to day’s low 9148. Downside crucial support of 9120 is still well intact. 9060 is the next support.