When we see the Nifty getting past 6603, it will face the next important resistance around 6620-mark. If it manages to clear this significant potential hurdle, it would head for 6650 – 6664-zone, its next set of resistance levels. With all the bullishness, we still need to keep in mind that in case of any eventual profit taking buying demand is likely to come in between 6568 and 6546-range. Unless the index falls and closes below 6525, the current bullish overtone remains intact and any dip could be used by the bulls to create fresh positions.
- Most critical levels for the day: 6603 – 6620
- Strong resistance: 6650 – 6664
- Major resistance: 6717 – 6787 ***
- Immediate support: 6568 – 6546
- Strong support: 6525 - 6516
- Major support: 6473 – 6429
It is likely to clear 12473 today and once that level is taken out, its next target will be 12525 and 12635. If there were to be any profit taking, the index would seek support between 12290 and 12244—unless this range is decisively broken by the index posting a close below 12180, It will be buy on dips with the bulls.
- Most critical levels for the day: 12473 - 12525
- Strong resistance: 12635 – 12797
- Major resistance: 12970 – 12992
- Immediate support: 12389 – 12345
- Strong support: 12290 – 12244
- Major support: 12111 - 11933
*** A strong supply zone, unlikely to be crossed at first attempt whenever that happens.