There had been a huge rally putting all doubts at rest but we saw the Nifty creating history by posting a fresh all time high again 6871.35. Now, it needs to cross the supply zone between 6867 and 6897 to continue its upward march. Once comfortably above the 6900-mark, its next target would be 6935; beyond this level, the next supply zone—in our anticipation—would be found between 6995 and 7003. Major resistance would, of course, be found at 7040. In any case, the index should not fall below the immediate support area between 6845 and 6811 even in the event of profit taking.
- Most critical levels for the day: 6867 – 6897 on the upside; 6845 – 6811 on the downside
- Strong resistance: 6935 and 6995 – 7003
- Major resistance: 7040
- Strong support: 6784 – 6764
- Major support: 6743 – 6719
Now, banks needs to get past the range between 13815 and 13848—all depends on the bank bulls retaining the buying fire power or else there could be some profit booking led selling since levels between 13800 and 13900 marks are a good supply zone. If it fails to decisively clear the levels of 13850 then it can see some selling pressure might well build up. If, by any chance, the Bank Nifty were to come down then 13367 – 13225 would be an important line of defense. Overall, the bullishness regained would continue to hold the reins of the market unless this index slips below the 13000-mark again.
- Most critical levels for the day: 13813 – 13848, its immediate resistance as well
- Strong resistance: 14105
- Major resistance: 14295 – 14338
- Strong support: 13603 - 13414
- Major support: 13367 – 13242