We might see a recovery in our market today. While Infosys results coming out just prior to market opening could act as an initial threat or support, we tend to think that both Infy and the Nifty will do well today.Unless the low of 3165 does not get broken decisively again we would see Infy and the market both going up from the low levels of riday. For Nifty, the levels between 6761and 6775 happen to be quite crucial for the day; if the index maintains above this level it would get past 6820 as well going forward. If the index were to trade above 6811 through 6826 range decisively then the bulls would be in charge.
- Most critical levels for the day: 6775 – 6761 on the downside & 6811 – 6826 on upside
- Strong support: 6717 – 6700
- Major support: 6666 – 6636
- Strong resistance: 6844 – 6857
- Major resistance: 6891 – 6940
This index looks weak and one can expect fresh selling if the index were to stay below 12722-mark; however, if the bulls were to hold the index above 12797 – 12842 range, they would retain their bullish initiative. We expect this index to be essentially range bound with upper boundaries of 13294 – 13413 and lower boundaries at 12722 – 12618.
- Most critical levels of the day: 12797 – 12842
- Strong support: 12722 – 12618
- Strong resistance: 12927 - 12970
- Major support: 12462 – 12396
- Major resistance: 13413 – 13294