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Bulls need to protect 14660 support level to move forward. Watch 14980 on Higher side.

 nifty cmp 14744.

Friday, nifty tested 14352 low and from there it bounced back to day high at 14787.

This 435 points rally consists of only 3 inner waves.

If this is impulsive up move, we shall see one more up move above 14784   14860 and then 14970.

If nifty slips below 14640, its a warning signal that, up move attempt failed and nifty to move lower than 14352. 

Key Points to consider:

1. Hourly charts indicating that on Friday Bulls strongly close above resistance level 14708.  Immediate support comes at 14668.

2. Daily charts, Strong Resistance face at 14995.

Immediate Support at 14680.

3, Weekly Charts showing that some kind of profit booking is happening at higher levels,  Weekly key resistance at 14973, Support at 14350 then 14010.

Except short term  moving averages, Medium and Long  term Moving averages are strong and up momentum intact.

Hence watch 14973 On upside and 14350 on Downside, to get to know what actually market wants to go.

Hence watch support and resistance level to get buying opportunity on range Breakout.  or Selling opportunity on breakdown.


Suryadev Bandari

Research Analyst.

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