First Signals of Bull Rally cooling down.

The 1.17% negative fall in stock market today courtesy weak guidance for 2024 by Infosys set the cat amongst the pigeons and profit booking in major sectoral indices lead by IT started. Capital goods and PSUs index were trying to provide some support and respite to the Nifty. On weekly chart the zone between 18887 and 50 weeks EMA which is at 18000 looks like major support zone. Before Nifty reaches this zone there will also be supports at 19565 and 19117. In the worst case scenario of some major bad news 16856 and 200 Weeks EMA of Nifty which is near 15566 can also provide major support. (Highly unlikely Nifty reaches there but you never know). Resistance on the upper side for Nifty remain at 19747 and 19991. Long term target for Nifty is first 20002 and then 21035.