Today’s session was more like a roller coaster ride, where
the index opened positive at 11744, then showed some strength in morning trades
& made a high of 11802, but the sentiments turned pessimistic in late
afternoon trades and index started drifting lower at nifty went till the low of
11625, however the market regained its momentum in the final hour of trade and
finished the day on flat note at 11691.
Chances are we would see a gap down opening for tomorrow. It could well open below the today’s closing of 1161.If this index were to fall below 11625 then it could weaken even further. In that case, it could well fall further to test 11600-level shortly. In case of any recovery swing, unless it is able to cross 11755 through 11825 range such recovery swings would attract selling at higher levels again. Immediately, once it falls below 11625 through 11600 it would start showing more weakness. The support at 11555 would be quite crucial for if that gets taken out decisively it is likely to come down to test levels close to 11500 as well.
Chances are we would see a gap down opening for tomorrow. It could well open below the today’s closing of 1161.If this index were to fall below 11625 then it could weaken even further. In that case, it could well fall further to test 11600-level shortly. In case of any recovery swing, unless it is able to cross 11755 through 11825 range such recovery swings would attract selling at higher levels again. Immediately, once it falls below 11625 through 11600 it would start showing more weakness. The support at 11555 would be quite crucial for if that gets taken out decisively it is likely to come down to test levels close to 11500 as well.
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Resistance: 11755, 11850
Support: 11600, 11500
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