Yesterday, NIFTY opened on a positive note and tested the 22,650 mark in early trade. However, it failed to sustain at higher levels and started forming lower tops and lower bottoms on the intraday charts. Selling pressure intensified during the afternoon session when NIFTY slipped below 22,400. The index nearly tested 22,300 before eventually closing just above 22,350.
NIFTY failed to sustain above the 10-DEMA, which is placed near 22,650, and witnessed profit booking at higher levels. The 22,600–22,650 zone will continue to act as an important resistance area. Therefore, fresh long positions should be considered only on a decisive breakout above 22,650.
On the downside, the 22,200–22,150 zone will act as an important support area. If NIFTY breaks below 22,150, it could decline further towards 21,750.
| Open | 22593 |
| High | 22651 |
| Low | 22304 |
| Close | 22363 |
| S 1 | 22228 |
| S 2 | 22092 |
| R 1 | 22574 |
| R 2 | 22786 |
| Action | SL | TGT |
|---|---|---|
| Buy above 22575 | 22490 | 22750 |
| Sell below 22300 | 22400 | 22100 |