There was some
consolidation In today's trading session after the moves we saw yesterday. Nifty was oscillating in the
positive and negative territory in the morning. Markets have shown an upward
movement afternoon trading session. It touched a high of 8757 levels, up by 40
points. Nifty closed at 8734 levels, up by 18 points; while Sensex closed at
28226 levels, up by 85 points. Nifty and Sensex closed at four months’ closing
high.
For tomorrow nifty now tests key resistance at 8775. A strong
rally beyond this level and the next key resistance at 8825 will strengthen the
bullish momentum. In that case, the contract can rally to the 8855 and 8585
band. But the inability to move beyond 8745 will keep the index under selling
pressure. A decisive fall below 8685 can pull the contract down to 8640 and
then to 8590 levels. The next key supports are at 8565 and 8535 levels.
Resistance: 8780, 8810,
8850
Support: 8700,
8655, 8605
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