We might scale up much further from here, however disjointed it may seem from the underlying economic fundamentals. If we do not see a real breakdown below 6487, the bulls would continue to call the shots.
the pattern on the end-of-day chart shows that unless the Bank Nifty decisively clears 12250-mark, it is likely to come down to test at least 11825 – 11750 range, if not further down. It is anticipated that the index may not clear 12250-level decisively anytime soon prior to either a downside correction or a sideways range-bound consolidation.
- Most critical levels for the market: 6508 – 6487, its immediate support range as well
- Next strong support: 6480 – 6454
- Major support: 6423 – 6402
- Strong resistance: 6520 – 6532
- Major resistance: 6562 – 6603
the pattern on the end-of-day chart shows that unless the Bank Nifty decisively clears 12250-mark, it is likely to come down to test at least 11825 – 11750 range, if not further down. It is anticipated that the index may not clear 12250-level decisively anytime soon prior to either a downside correction or a sideways range-bound consolidation.
- Most critical levels: 11973 – 11934, its immediate support range
- Strong support: 11825 – 11749
- Next strong support: 11677 - 11578
- Major support: 11317 – 11229
- Strong resistance: 12140 – 12161
- Major resistance: 12203 - 12302