If the Nifty sustains above 6784, we can expect it to test the important supply zone between 6815 and 6833—this happens to be the most critical levels for the day as well. If the index were to cross the upper boundary of the most critical supply zone levels, it may not take out the strong resistance zone between 6844 and 6856 range. Unless it falls below the major support zone between 6717 and 6712, it would retain its ability to post a bounce back upwards.
- Most critical levels: 6815 – 6833
- Strong resistance: 6844 – 6856
- Major resistance: 6939
- Strong support: 6747 – 6744
- Major support: 6717 – 6712
It is likely to move higher even today if it manages to stay above its most critical level of 12743; it will bounce if it falls on intra day swings till the strong support area, located between 12712 and 12709, holds up. On the upside, if it takes out the first hurdle between 12831 and 12845 then it can move up further and test the next important resistance zone from 12934 through 13003. The next target zone would be between 13055 and 13175. so long as IT stays above 12630 on closing price basis, it would retain its bullish tempo.
- Most critical level: 12743
- Strong resistance: 12831 – 12845
- Major resistance: 12934 – 13003
- Strong support: 12712 – 12709
- Major support: 12636 - 12630