Nifty index slipped below its crucial psychological support
level of 8100. Today nifty future opened at 8155 made a high of 8157 and
low of 8107 and closed at 8137.Total 50 points was played by nifty future throughout
the day.
There is some indecision and hesitation among the bulls.
However, the nifty took support at the same level of 8126 and bounced back—this
signifies that the earlier resistance-turned-support is now working, and unless
this level is decisively violated we would not see the
market falling off the
cliff. Thus, the level of 8126/27 would work as the key support and critical
level on the downside while the range between 8174 and 8180 would act as the
initial resistance zone the supply there would have to be absorbed first before
the index can move up. Once 8200-mark is cleared the next resistance levels are
8227, 8244 and 8291.
Bull market still remains intact. However, the index may fall
by a maximum of 5-10 per cent before it continues its uptrend.
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RESISTANCE: 8150, 8170, 8190
SUPPORT: 8130, 8110, 8090
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