Opening View-The Nifty is likely to open higher on Wednesday tracking positive handover from Wall Street. The Nifty closed 15 points higher at 9,786 on Tuesday.
The index formed a ‘Shooting Star’ kind of patterns on the daily candlestick charts as Nifty witnessed selling pressure towards the end of the trading session. This pattern is usually formed in an uptrend and is treated as a reversal pattern.
The index has a strong support placed at 9,600 and investors will be better off booking some profits at higher levels. Investors can still maintain long positions with a stop below 9,700.
The Nifty has been making higher lows from last seven trading sessions and now if it negates this formation then a small profit booking could be seen in the market towards its next support of 9,750 and 9,709.
On the upside a decisive hold or a close above 9,800 could extend this rally towards 9,850 and 9,900 levels
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