Market in minor recovery -- 24 March 2020
Resistance 1: 7,920 -- Resistance 2 : 8,000
Support: 7,770 -- Support 2 : 7,700
Market again today saw a volatile trend.
Nifty opened strongly in-line with the global trend and went up to 8000 levels.
Nifty at opening saw a gain of about 380 points and saw an intra-day correction.
Market reacted from 8000 levels and could not sustain at this resistance.
Hence Market could not indicate an immediate further uptrend.
Nifty then went down to major support 7500 and recovered strongly.
Hence market seems to have a strong support at 7500 levels.
Hence market has to consolidate further for a relief rally.
Market has closed indecisively, in-between the day's high and day's low, indicating no major signal.
Tomorrow's movement is crucial.
Market has to close strongly for any relief rally.
Nifty in-case of a recovery, it has the next minor resistance above at 7,920.
Market has to trade above this resistance for a further uptrend.
Then the next resistance above is at 8000.
On other hand, in-case of any correction and if declines below support 7700, it indicates a further correction.
V. Sundar Raja, Research Analyst