Nifty - Target - 2077

The Nifty achieved the 50% retracement level of the decline from 2183 to 1971 at 2077. The 2077 level is a crucial resistance level. The index can touch an intra-day high around 2077 and see a sideways short-term trading range between 2077 and 2041(10-DMA). A break above 2077 with volumes could see the Nifty test higher levels at 2093 and 2100. The 20-DMA is placed at 2093. The 2100 level is the 62% retracement of the decline in the index from 2183 to 1971. In the short-term 2077 is a crucial resistance while 2041 is a critical support.

Source : Sharekhan