The index closes flat while it did test the most critical resistance level of 6817 and it did breach that momentarily in the second half to post a high of 6819.Critical support was 6779 and the intraday low was at 6777. However, it is now fairly clear that supply is quite an issue above the 6800-mark, and there is every likelihood of 6817 acting as a formidable resistance level to overcome. In fact, the whole range between 6778 and 6819 would become trend decider for the Nifty. The international markets are quite weak; probably, we are going to see a sell-off here as well in today’s session.
- Most critical level for the day: 6819 on the upside & 6778 on the downside
- Immediate support area: 6773 – 6754
- Strong support: 6718 – 6688
- Major support: 6650 – 6617
- Strong resistance: 6845 – 6867
- Major resistance: 6896 – 6941
The levels above the 13000-mark happen to be bringing in quite bit of supply pressure. While the chart pattern suggests some weakness but so long as 12728 is not broken decisively, we should not be writing off the Bank bulls. On the upside, in case any rally happens—the levels to watch out for would be 12954 through 12984. Once this zone is taken care of we can expect further higher levels of 13286 through 13405 either today or later. For today, brace FOR some volatility.
- Most critical levels: 12954 – 12984
- Strong resistance: 13101 – 13176
- Major resistance: 13305 – 13380
- Strong support: 12845 – 12775
- Major support: 12625 - 12581