We are likely to see a test of 6817 in the day’s session—this level is the most critical level for the index for today for a sustained move above this level would suggest a most likely test of the next potentially strong supply zone, for the day, between 6845 and 6857. Further up, it could be headed for 6941 or even 6994 through 7005 going forward…In case, there is any profit taking unless the index falls below 6787 through 6779 support area, we can expect fresh buying to come in.
- Most critical level for the day: 6817, its immediate resistance
- Strong resistance: 6845 – 6857
- Major resistance: 6941 and 6994 – 7005
- Strong support: 6787 – 6779
- Major support: 6667 – 6649
The index has crossed a significant resistance zone between 12711 and 12797 yesterday. Now, it needs to stay above the supply range. So long as the zone between 12711 and 12624 does not get breached, the banks may continue to move up though there could be an initial pause in some bank stocks like Axis, which has shown a remarkable one day swing of over 60 points.
- Most critical levels for the day: 12949 – 12992 on the upside &
- Most critical levels for the day on the downside: 12742 – 12688
- Strong support: 12624 – 12520
- Major support: 12398 – 12376
- Strong resistance: 13101 – 13176
- Major resistance: 13305 - 13380