Market makes a new high and closes near the same.
Driven by unexpectedly positive results by TCS, most IT companies jumped in a positive rage and took the index into further unchartered territory making a high or 24592 and closing at 24502. The trend suggest that the peak can be near 24769 if the resistances of 24592 and 24662 are crossed. The supports for Spot Nifty remain at 24490, 24437, 24317 major support 50 Hours EMA (Mother line) and finally 24206. If the support of 24206 is broken there is a very high probability of bears draggin Nifty down to 200 Hours EMA (Father Line) at 23776 with various stops in between. Outlook is still neutral to positive but investors should stay nimble and keep stop losses in place.
Happy Candles Investment
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