Resistance 1: 8,760 -- Resistance 2 : 8,850
Support: 8,600 -- Support 2 : 8,500
Market today saw a further strong uptrend of about 350 points.
Nifty at the opening went above 9000 levels and reacted.
Market then saw an intra-day correction of about 400 points from higher levels of 9000 levels.
But Nifty recovered above the major support of 8500 levels.
Market has finally closed almost flat with a gain of only 18 points.
Nifty has closed nearer to the days lower levels, indicating a caution at higher levels.
Market after three days of a strong relief rally of about 1500 points, it is seen in a reaction.
Market has seen a V shaped recovery and there was no consolidation at lower levels.
Hence a consolidation is due. and this consolidation is possible in next month.
Market is expected to see a consolidation in next week or a further correction at higher levels of 9000.
Hence after a consolidation only, a clear next short-term trend would be visible.
It has to be seen how American stock market would react today and how the Corona Virus issue unfold in this weekend.
V. Sundar Raja, Research Analyst