has established a support area between the 6500-mark and 6487—this would be the initial support zone. On the way up, the small zone between 6554 and 6562 would be the first supply zone once it gets past the 6550-mark. Other higher targets are 6572, 6589, 6603 and 6618-levels. In case of any profit taking, unless it stays below 6487, there is no need to worry as such. Only on a fall below 6424 through 6414 demand zone, bulls would have to take a back seat. No longs should, however, be kept if the index fails to stay above 6554.
- Most critical zone for the day: 6554 – 6562, its immediate resistance zone
- Strong resistance: 6572 – 6589
- Major resistance: 6603 – 6619 – 6661
- Immediate support: 6526 – 6509
- Strong support: 6500 – 6487
- Major support: 6437 - 6391
Has come very close to the potentially significant supply zone between 12203 and 12246—this could be the resistance that might stop the run. This would be the most critical zone for the day as well. Once decisively taken out it is likely to scale up even further but if it fails to do so it might signal the onset of a corrective swing against the erstwhile parabolic uptrend. Notwithstanding that unless the range between 11804 and 11568 is decisively breached on the downside, the bulls would lap up all dips as buying opportunities. Personally, I am not too hopeful about the index getting past 12203 – 12246 so easily.
- Most critical levels: 11203 – 11246
- Strong resistance: 12398 – 12463
- Major resistance: 12560 – 12625
- Strong support: 11804 – 11568
- Major support: 11198 - 11047