Market Quote by Anita Gandhi, Whole Time Director at Arihant Capital Markets

"The current price action on the weekly chart has clearly closed above the downward gap are of 10736 to 10702. This suggests that momentum on the upside is likely to continue.

At present Nifty has resistance at 10897 - 10949 - 11009 levels whereas on the downside it has support at 10714 - 10662 - 10602 levels.

In coming week if nifty trades and close above 10845 level then it is likely to test 10897 - 10949 - 11009 levels. However, if nifty trades and close below 10766 level then it can test 10714 - 10662 - 10602 levels

Broadly, we are of the opinion that 10610 levels for current month remains crucial support for the indices. Hence as long as nifty hold the mentioned level there is high probability that nifty may test 10897 - 10949 - 11009 levels in couple of weeks".

Source : Equity Bulls

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