Index on friday, tested twice, its Fibonnacci 38.2% (11,740) of the 1st impulse wave, also the lower quartile of Mod. S pitchfork
intersects the said Fibb level at 11,740 on monday. which can act as a strong support point. better than expected Q4 results of Index Heavyweight HDFC
, could further act as a catalyst for the uptrend. Impact
of RIL's result (lower than expected petchem & refinery results) will be one to be watched carefullly. overall nifty
seems to be ready for a next impulse wave.
If index breaches 11,740, next support would be at 11,700.