The support for the Nifty is at 8550-8480 and the resistance is at 8775-8800, says Technical Analyst, Prakash Gaba.
Nifty (8678): We said ‘now we are very close to very crucial 8480 zones and the Nifty looks still weak but there is a good chance that Nifty could see a technical bounce from here and if that happens there would be a stiff resistance around 8700 zones’.
The Nifty unfolded as expected and the short covering technical bounce resulted in the Nifty closing in the green. Now the next logical target in the days to come is 8775-8800 zones, crucial support 8550.
The support for the Nifty is at 8550-8480 and the resistance is at 8775-8800.