The crucial support for the Nifty is at 8700 and the resistance is at 8820-8850-8870, says Technical Analyst, Prakash Gaba.
Nifty (8792): We said ‘technically nothing has changed and looks like the market is in some kind of consolidation as long as 8700 holds and any move above 8820 could result in short covering and fuel the up move’.
The market unfolded weak in the upper regions but somehow climb in the later part of the trading session to close marginally weak but has managed to close above the crucial support of 8700.
I would maintain that any move above 8820 would result in a good up move.
The crucial support for the Nifty is at 8700 and the resistance is at 8820-8850-8870.