Today Nifty index reclaimed its crucial psychological
level of 8350 and was trading with a positive bias. The markets ended higher on
Thursday amid volatile trades owing to expiry of derivatives contracts for the
month of June. The Sensex closed 166 points higher at 27896 and the Nifty
advanced 37 points to shut shop at 8398. Nifty traded on very volatile note in
trades today. In the intraday deals, the Sensex touched high of 27968 and low
of 27635 and the Nifty moved in a range of 94 points.
The Nifty continues to look bullish. While it is true
that the index is at a crossroads after having taken out its 200-day EMA at
8197 and now testing its 200-day simple MA at 8362. In fact, the critical
levels for the day are located between 8400 and 8430—if this zone is held out
then the Nifty would continue to display strength, and is likely to move even
further up. Next strong supply zone would be found between 8450 and 8480. On
the downside, first 8382 through 8362 would be a support zone and the next
major support is found in the range of 8329 through 8309. The candlestick pattern on the end-of-day
chart for the last couple of sessions shows the bulls need fresh gumption and
at least a bit of regrouping before they march forward, if at all. The range
between 8398 and 8430 would act as the most critical zone for tomorrow. Next
strong support is located between 8450 and 8485.
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RESISTANCE: 8430, 8480, 8530
SUPPORT: 8380, 8330, 8280
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