| Updated for-Mar/10/2014 Nifty closed on a strong bullish trend at 6526 level.So today on upside first resistance is at 6564-69 level.Next resistance are at 6602-07,6631-35,6665-70,6700-05,6735-40 level On downside first support is at 6488-83level.Next support are at 6450-45,6425-21,6387-83,6352-48,6322-17,6302-98,6282-77,6267-63,6245-41,6214-09,6175-70,6166-62,6142-37,6122-18,6087-82,6048-43,6002-97,5975-70,5940-35,5923-18,5897-93,5875-71,5845-40,5826-21,5793-88 level.Even though Trend is in strong bull side. Yesterday's rally was not a broad one and even though technically nifty is in strong bullish trend and no indication of bearishness and even this rally have the strength to push Nifty to 6700 levels, Traders and Investors be cautious,as nifty is over bought and fundamental too not suport this move and if any reverse move it will be all of sudden So always hedge the risk with options or Volatality index and go with long side until the reverse signal.So today on upside intra resistance are at 6569 and 6607 level and on downside if below 6483 be very alert avoid all long and below 6445 bears have the strength.
Have a look at weekly trend.
Positional Support for NIFTY 6270 6210 6194 6182 6174 6172 6138 5980 and positional Immediate resistance for NIFTY is 6551.
Intraday Resistance of NIFTY are 6602.8 : 6666 : 6648.4 : 6665.4
Intraday Support of NIFTY are 6450.5 : 6387.3 : 6406 : 6389.4
Oscillator AnalysisThe oscillator is showing BUY signal but be cautious on NIFTY since NIFTY is trading in overbought level.Short Term Oscillator Analysis-The signal is BUY but NIFTY is in overbought level.
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