India’s benchmark index Nifty opened gap up by 62 points at 10216 on Thursday. The index made a low of 10142 in the first hour of the day’s trade. There on Nifty saw a gradual upside move till 10227 and made a low of 10182 without breaking the day’s low which is also close to the previous day low. In the hourly charts 10140 levels has been a support zone while 10275 has acted as a resistance zone for the index.
Hence fast buying could be seen if the resistance of 10300 is broken and closes above it. The index has taken support of the 200 SMA mark of 10140 levels. And fresh buying momentum can be seen if it takes support again and makes a strong base. If Nifty trades below its current support at 10140, the next support area will be 10078. However if Nifty trades above 10300 then a new bull rally could be expected till 10530 levels.