Nifty took support near 18115 and is trying to bounce from there

Nifty took support near 18115 and is trying to bounce from there on the way up 18235 to 18270 zone which wich was a great support will prove to be a strong resistance. If that hurdle is crossed Nifty can travel back to 18308, 18346 and 18384 or even 18400+ staging a V-shaped recovery. Before that happens it is important to cross 18235 to 18270 zone.

Supports at the lower side will be near today's low that is 18115, 18040 and finally 17972. Weekly closing below 17972 will bring smile on the face of bears. In case that happens.

Comment:

Nifty is again testing the support from where it had bounced yesterday. It had bounced from 18115 and today again Nifty made a low of 18104 and closed at 18129.95. Let us see if these levels hold and Nifty can make a come back tomorrow. Weakness despite global positive cues tell 2 stories:

1) Nifty did not give Knee jerk reaction to Karnataka Results but did a soft landing.

2) Nifty is testing support for continuing the bull run. Once it gets a firm support it will re-ignite the bull run hopefully.

Or it can be a combination of points 1 and 2.