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Nifty Spot Technical

Nifty bounced sharply from multiple bottom and crucial support area 8320-8340 and rallied vigorously, closed at 8518. For the near to medium term this 8350-8320 area remains key level. After opening with gap up, Nifty kept rising continuously and closed near day high, just below 50% Level (9119-7940). Now, there are two resistance ahead - 8598-8605 which is downward trend line and then 8666 the old devil - the 61.8% Fibo Level of 9119-7940, the same level which has been resisting Nifty since mid July. However, if 8666 is taken out this time and sustains above, we may see 8850 in coming days. On the downside, 8498-8488 is immediate support (20 DMA / weekly pivot) and 8455 strong support (200 DMA) and finally 8350 is base support.


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