Major resistance for Nifty is placed at around 9,300 levels: Nilesh Jain

SELL NIFTY | TARGET: 8,800 | STOP LOSS: 9,300

The Nifty index has formed a shooting star candlestick pattern on the daily chart which is considered as a bearish reversal candle. Earlier, Nifty provided breakdown from its head and shoulders pattern and now it has retested its neckline again. The major resistance is placed at around 9300 levels. Now, as long as Nifty trades below these levels, every bounce should be utilized as a selling opportunity. The momentum indicator RSI is making a lower top and lower bottom formation which shows that Nifty is losing the strength and we may see