The Nifty has to get back its strength, and needs to get past the difficult supply zone between 6549 and 6562—so long as that does not happen, the threat of a fall below the 6500-mark looms large for the Nifty. We need to see the index decisively clearing the 6549 through 6562 on closing price basis so that some real signs of renewed momentum are visible.This is going to cost money and a substantial amount at that.
- Most critical levels: 6509 – 6499, its immediate support zone as well
- Strong resistance: 6549 – 6562
- Major resistance: 6587 – 6603
- Strong support: 6471 – 6448
- Major support: 6417 – 6387
The supply around the level of 12250 seems to be quite overwhelming for the bulls to take out right away; they need some consolidation at the very least.The index falling below 12020 today it would be the first sign of some impending weakness developing where more selling may be on the way. In case, selling pressure accentuates and the index falls below 11965 – 11933 demand area, it can well head down to test the major support zone between 11771 and 11577.
- Most critical levels: 12085 - 12020, its immediate support zone as well
- Strong resistance: 12246 - 12317
- Major resistance: 12482 - 12592
- Strong support: 11965 - 11933
- Major support: 11771 - 11577