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Range bound movement
was there in the market today. After a strong opening at 8584 level nifty slipped
down below 8550 level. Today nifty made a high of 8588 and low of 8523 and
closed at 8558, total 65 points was moved by nifty throughout the day. The index opened gap up and then shot up
to test its major resistance zone between 8625 and 8650. However, the Nifty
lost its gumption by the time it could barely test the lower boundary of the above-mentioned
supply zone. It’s a liquidity driven market; here, before taking a negative
view of the market, first ensure that you have seen a real weakness through its
initial price action.
For Monday, the range
between 8550 and 8540 would constitute the most critical zone. On the way up,
supply is again likely once the 8600 level is tested if, at all and the strong
supply zone starting from 8620 through 8650 would still be a potentially strong
resistance. Beyond that 8660 through 8680 would be a very tough resistance beginning
with this range till 8700 would be the major supply zone, in case there is
another liquidity driven upsurge.
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RESISTANCE: 8570, 8600, 8630
SUPPORT: 8540, 8510,
8680
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