Good closing by Nifty signaling chances of revival. We got a closing by Nifty today above 23200 levels at 23205 which has confirmed the chances of Revival. Two minor and 2 major hurdles remain in front of it right now before we can confirm that bear run is over. The minor resistance in front of Nifty now are 23270 and 23424.
These are not strong resistances however any resistance can not be taken lightly when FII sell is selling like there is no tomorrow. after we get a closing above 23424 there will be father and Mother line resistances at 23652 and 23825. These 2 will be major resistances. Post we get a closing above 23825, 24000 and 24203 will me major hurdles. Only a closing above 24203 will bring bulls out of ICU. So we have a long way to go before complete revival. Today we have gained an important additional support near 23090.
Supports on the lower side for Nifty will be at 22935 (This is a strong trend line support.) Below 22935 the supports is at 22425. Tomorrow will be an important day. If we get a positive closing tomorrow the momentum can be carried forward into the next week.
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