According to GEPL Capital, on the lower side Nifty has a very important support placed at 7440 on a positional basis.
Nifty ended the day with a gain of 20 points at 7684. Amongst the sectoral indices the BSE FMCG index was the outperformer whereas BSE CG index was the laggard in today's trade. Nifty is now approaching a key resistance level of 7731. If it is unable to clear this resistance then we expect a decline back till 7600-7580 range in the immediate term. On the lower side Nifty has a very important support placed at 7440 on a positional basis.
In the coming few sessions, it is vital that the support of 7440 be respected despite any correction till 7600-7580 rage. We need to see an immediate recovery thereafter, conquering the resistance of 7731 for us to conclude that a new all time high beyond 7808 is a possibility. However in the event 7440 is breached then we would be forced to look at deeper declines.
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