The level of 6650 is under threat unless buying happens soon enough the bears will have it. The last closing price assumes special significance since it is for the first time the 34-day EMA (at 6652 now) has been tested after it was pierced on upside on Feb 21 when it was at 6131. If selling pressure were to push the index down below the immediate support area between 6652 and 6643 is breached then the next significant support at 6619 through 6617 would also be under threat. However, any decisive breach of 6617 would be very negative for the Nifty since will lead to a test of the most critical support area between 6567 and 6548. If the bulls are to remain in the game then 6548 should not be breached on closing basis. If the bulls are to regain past glory they, must take out 6716 through 6743 supply zone else things would cause problems for the bulls.
- Most critical levels: 6652 – 6643, its immediate support as well
- Strong support: 6619 – 6606
- Major support: 6567 – 6548 and 6483
- Strong resistance: 6681 – 6695
- Major resistance: 6717 – 6743
The critical support area for the index is located between 12838 and 12797—only if this range gets taken out we should be a bit wary else any dip within the zone could well see bank bulls taking fresh positions. As we said yesterday, the Bank Nifty must take out 13055 to inject some fresh upward momentum.
- Most critical levels: 12885 – 12930, this is the first line of defense for the bulls
- Strong support: 12838 – 12797
- Major support: 12738 – 12635
- Strong resistance: 13003 – 13055
- Major resistance: 13176 - 13268