- Daily line chart shows a steady up move. right now the index is at the top of the channel with chances of either a breakout or a reversal from the top of the channel which will be supported by the ascending channels support line. Line chart shows good support at 1158 - 1160 area.
- Trading above 1160 index can target 78.6% level at 1175.
- If a sell off happens the channel is positioned in such a way that it forms another higher low. Problems for the bulls happen if the higher low higher high structure gets broken. Till then slowly but surely this is going up.
October 10, 2010
- Main resistance for the index now is 12728 - 12738 area.
- Important support for the index is at 12320 area.
- There is a raising trend line which can also give support for the index.
- Important levels inside the range of 12320 to 12728 are 12414, 12550, 12650