As indicated in our yesterday's post, the market did indeed find support at 5988 and closed at 6039.2 which was a shade below our predicted resistance of 6040.
The tipping point for the day is at 6026 which also happens to be the immediate support. If the support of 6012 is breached on the downside then there may be a bout of supply taking Nifty down to 5987 and 5928.
On the flip side the immediate resistance is at 6043 and then at 6066 and 6092.
Our outlook for today is of further consolidation with further spikes and new highs, with violent movements in either direction depending on which side of the tipping point the market trades in.
The tipping point for the day is at 6026 which also happens to be the immediate support. If the support of 6012 is breached on the downside then there may be a bout of supply taking Nifty down to 5987 and 5928.
On the flip side the immediate resistance is at 6043 and then at 6066 and 6092.
Our outlook for today is of further consolidation with further spikes and new highs, with violent movements in either direction depending on which side of the tipping point the market trades in.
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