Nifty needs to cross 6310 to move up even further from here. And, in any profit taking, it should not fall below its important support zone between 6265 and 6244 to retain its strength; however, so long as it does not close below 6187 today, the uptrend would not be under threat. On the way up, the levels between 6338 and 6370 could act as another significant supply zone: only when it is firmly taken out we can expect a retest of the all-time high of 6415.
· Most critical levels: 6291 – 6312, its immediate resistance
· Strong resistance: 6338 – 6370
· Major resistance: 6398 – 6415
· Strong support: 6265 – 6244
· Major support: 6215 – 6187
This momentum now has to be sustained in order for this upswing. And that will be confirmed when the index takes out the next major resistance between 11175 and 11250 levels. However, prior to that the range between 11003 and 11047 might also act as a hurdle that could trigger another round of correction and/or consolidation. Now, in case, there is any selling again so long as it does not fall and close below 10772 and 10755 in the day’s session, the uptrend remains .
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· Most critical levels: 6291 – 6312, its immediate resistance
· Strong resistance: 6338 – 6370
· Major resistance: 6398 – 6415
· Strong support: 6265 – 6244
· Major support: 6215 – 6187
This momentum now has to be sustained in order for this upswing. And that will be confirmed when the index takes out the next major resistance between 11175 and 11250 levels. However, prior to that the range between 11003 and 11047 might also act as a hurdle that could trigger another round of correction and/or consolidation. Now, in case, there is any selling again so long as it does not fall and close below 10772 and 10755 in the day’s session, the uptrend remains .
- Most critical levels: 10887 – 10920, its immediate support as well
- Strong support: 10772 – 10755
- Major support: 10694 – 10622
- Strong resistance: 11003 – 11047
- Major resistance: 11175 - 11250
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