I could not have missed posting for this day as it is once in 4 years opportunity :). Markets today tested the previous 52w low of 6869 and slide further to 6825. On both occasions the nifty got support at lower level and markets closed above 6960 levels. This for me is double bottom or triple bottom if we take 6961 made on 25 Feb 2016 in to consideration.
Are we poised for a rally, may be a short one to test the first resistance of 7242. Remember last time it did not cross that level, falling short of just couple of points.
I continue with my opinion that markets won't rally in a hurry but now can start consolidating. I continue to buy stocks of my choice and will recommend you all to do the same.
Support: 6861
Resistance: 7242, 7419,7540,7640, 7725, 7935
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