The index is weak; it can slide further down if it were to fall below 6713 through 6705 key support area. Once 6705 is taken out decisively on high volume activity and the index might go down to test 6666 – 6650 strong support zone. While a move up to 6650 would be on anticipated lines any further fall was envisaged when we had been expecting a correction in the index up to 6650 from the highs 6819. In the unlikely event of the level of 6650 getting broken then another 100 point fall could well come to pass.
- Most critical levels for the day: 6713 – 6705
- Strong support: 6666 – 6650
- Major support: 6543 – 6487
- Strong resistance: 6793 – 6819
- Major resistance: 6840 – 6855
Unless this index fails to take out 12733, it would continue to show weakness and may even go further down. In such a situation, another major support area between 12462 and 12398—a fall below the latter level might well bring in panic. A close below 12398 would signal the onset of a sustained corrective swing.
- Most critical levels for the day: 12585 – 12570
- Strong support: 12462 – 12398
- Major support: 12235 - 12073
- Strong resistance: 12612 – 12733
- Major resistance: 12835 - 12842