Resistance 1: 8000 Resistance 2 : 8100
Support 1 : 7900 Support 2 : 7800
Nifty yesterday closed with a huge loss of 1135 points.
Market today expected a strong gap-up opening.
SGX Nifty is showing a gap down of about 440 points.
A technical bounce-back is seen.
Market has to consolidate for few days.
Nifty in this recovery, it may test 8000 points.
Market has to sustain above this barrier for a further uptrend.
On closing basis, Market has to close above 8000.
In-case of any failure to sustain at resistance of 8000, then it indicates a weakness.
Support below is at 7900.
Only in-case of any close below 7900, it indicates a correction.
- V. Sundar Raja, Research Analyst