9948 – 9850 would be the immediate range
“Trading for the week began on a positive note on hopes of cooling down some tensions in Doklam. Subsequently, we saw range bound trade with a positive bias throughout the remaining part of the day. Eventually, the Nifty managed to reclaim the 9900 mark on a closing basis.
Clearly, the interest in trader’s community has shifted back to the individual stocks and hence, we saw decent stock specific moves during the session despite index oscillating in a very small range. This is what we had stated in our previous article and we continue to reiterate the same. We expect the index to consolidate for a while; but, within this, we are likely to witness some selling pressure at higher levels. For the coming session, 9930 – 9948 would be seen as resistance levels; whereas, 9880 – 9850 are likely to act as intraday supports for the index.”