This week, the index is likely to face resistance around last week’s high of 12,270, while support on the downside would be around 11,650-11,480. The markets will favour bulls only if the index manages to sustain above 12,100. On the downside, a break of 11,400, could see the index take a sharp dip towards 10,600.
The NSE Nifty moved in a range of 238 points, from a low of 3,479, the index surged to a high of 3,717, and finally settled with a gain of 4.2 per cent (147 points) at 3,621.
The index is likely to face considerable resistance around 3,710-3,770-3,815. On the downside, the index is likely to find support around 3,530-3,475. The short-term (20-days) daily moving average is at 3,455, and the mid-term (50-days) daily moving average is at 3,070.
RSI-2
