Nifty (6297.95, +76.50, +1.23%) International scenario turned
better with things improving on the Russian front. The Nifty got over its
initial weakness early on in the last session and crossed the most critical zone
between 6215 and 6230 and it did not look back after that. Now, it needs to
cross 6310 decisively to move up even further from here. And, in any profit
taking, it should not fall below its important support zone between 6265 and
6244 to retain its strength; however, so long as it does not close below 6187
today, the uptrend would not be under threat. On the way up, the levels between
6338 and 6370 could act as another significant supply zone: only when it is
firmly taken out we can expect a retest of the all-time high of 6415
Most critical levels: 6291 – 6312, its immediate resistance
Strong resistance: 6338 – 6370 Major resistance: 6398 – 6415 Strong support:
6265 – 6244 Major support: 6215 – 6187
Bank Nifty (10929.05, +277.10, +2.60%) Finally, a close above
both the 200-day MAs—simple and exponential—at one shot! This momentum now has
to be sustained in order for this upswing to morph into a real intermediate
uptrend. And that will be confirmed when the index takes out the next major
resistance between 11175 and 11250 levels. However, prior to that the range
between 11003 and 11047 might also act as a hurdle that could trigger another
round of correction and/or consolidation. Now, in case, there is any selling
again so long as it does not fall and close below 10772 and 10755 in the day’s
session, the uptrend remains intact any minor dips notwithstanding. . Most
critical levels: 10887 – 10920, its immediate support as well Strong support:
10772 – 10755 Major support: 1069
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