Resistance 1: 8,710 -- Resistance 2 : 8,760
Support: 8,600 -- Support 2 : 8,500
Market today saw a further strong uptrend.
Nifty at the opening went up to the next major levels of 8750 and reacted.
But market then saw a reaction and recovered above 8500 levels.
Market finally has closed nearer to the day's higher levels, with a steady closing of 320 points gain.
Nifty after an opening rally, it saw a consolidation trend for the rest of the day.
But another major index, Bank Nifty has seen an intraday reaction of about 1200 points.
It has finally closed with a cautious trend, indicating a selling pressure at higher levels.
Nifty after two days of rally, there can be a consolidation at higher levels, as market has
seen a V shaped recovery.
Technically market is seen in a relief rally in the last two days and is seen in a minor uptrend.
Nifty in-case of a further recovery, it has the next minor resistance above at 8,710.
Market has to trade above this resistance for a further uptrend.
Then the next resistance above is at 8760.
On other hand, in-case of any correction, then the next support below is at 8600.
V. Sundar Raja, Research Analyst