An extract of Nifty View of Wednesday, July 22, 2015, suggested: “On ascent, the first resistance exists at 8608 mark. A sharp up move can make nifty cross this level and make it reach to 8674 mark.” And the high of the day was at 8664.75.
For Thursday, July 23, 2015, the trend deciding point for the day for Nifty emerges at 8574 mark. On its down move Nifty is expected to take support around 8574 mark. If this level is broken due to strong selling pressure, then the next support is expected to emerge at 8507 mark. But this will be possible only if there is a sharp down move. On ascent, the first resistance exists at 8709 mark. A sharp up move can make nifty cross this level and make it reach to 8778 mark. An intermediate resistance stands at 8677 mark. If there is not much demand, then Nifty can reverse from here for downside, instead of 8709 mark. Again, on the other hand, an intermediate support exists at 8612 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8574 mark.
-- | Karan Luhana Equity Expert, R K Broking |
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