Nifty Eyes Resistance; Kirloskar Oil Breaks Out

Nifty continued its slide in yesterday's session, opening the first hour with a decline that took price close to the 22,550 extreme support flagged earlier. From there, a recovery took hold, pushing the index up to 22,753 — near the day's open and high - but bulls were unable to clear this resistance. The market then consolidated between 22,750 and 22,650, closing near 22,680. RSI at 37.72 is recovering off its recent lows, in line with the bounce from the 22,550 support zone, though still below the midline. Resistance: 22,753 (PDH), then 22,777 (Falling Window) and 22,860. Support: 22,600, then 22,490. With GIFT Nifty trading nearly 100 points higher as of this writing, there's a possibility the index opens with a gap-up above the 22,753-22,777-resistance zone and goes on to test 22,860. On the flip side, 22,600 is the support to watch - a break here could see downside momentum resume toward 22,490. The first 30 minutes to an hour should set the cue for the day's direction.

has broken out of the falling trendline it had been trading within since June, with a sharp volume surge accompanying the move and RSI moving up to 69.80. Whether this breakout sustains and the stock goes on to test the recent highs near 2,572-2,720 is what needs to be watched in the sessions ahead. A trendline breakout backed by a volume surge tends to carry more conviction, but sustaining above the breakout point is what separates a real move from a false one. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.