We defined 17600-18100 as a range which was in play for the last several days. However, yesterday we saw markets not able to sustain higher levels and weakness in the last hour of the session pushed the index to close near the lows. Today based on the world markets, SGX nifty and reaction to TCS results (could be negative) we might break 17600.
Immediate support: 17550, 17420
Immediate resistance 17700, 17800
Overall, I think we have made an intermediate top at 18100 which could be B of the ongoing A-B-C correction in the broader TF and markets are heading towards 16900-17000 kinda level in the coming days. If the pattern works, the final target would be below 15600!
Immediate support: 17550, 17420
Immediate resistance 17700, 17800
Overall, I think we have made an intermediate top at 18100 which could be B of the ongoing A-B-C correction in the broader TF and markets are heading towards 16900-17000 kinda level in the coming days. If the pattern works, the final target would be below 15600!