The bulls
have done very well for themselves today. At close, the Sensex was up 99 points
at 36693, and the Nifty was up 34 points at 10802. Nifty index opened positive
and headed towards 10900 zones but follow up buying was missing due to
underperformance of Banking stocks. It closed positive with the gains of around
35 points but formed a Bearish candle as it closed lower than its opening
zones. It was consolidating in between 10685 to 10855 zones in the last entire
week and now follow up is missing even after surpassing above 10875
zones.
It has been respecting to its rising support trend line by connecting all the recent swing low of 7510, 9000, 9545, 9850, 10255, 10325 and now 10655-10705 zones and needs to hold the same to continue the buy on decline strategy. Now, Nifty has to continue to hold above 10725 zones to extend its move towards 11000 levels while key support exists at 10655 then 10555 levels.
It has been respecting to its rising support trend line by connecting all the recent swing low of 7510, 9000, 9545, 9850, 10255, 10325 and now 10655-10705 zones and needs to hold the same to continue the buy on decline strategy. Now, Nifty has to continue to hold above 10725 zones to extend its move towards 11000 levels while key support exists at 10655 then 10555 levels.
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Resistance: 10825,
10925, 11000
Support: 10725,
10625, 10525
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