The Nifty has moved above the 1973 resistance level and closed on a strong note. After posting a double bottom at 1900, the index moved above the peak of 1973 and in the short-term is likely to exhibit momentum. On the upside the Nifty is likely to target 2012 and 2020.
The 20-DMA at 1958 and the 10-DMA at 1940 are support levels. Any intra-day decline should see the Nifty find support around 1958 and 1940.
Dena Bank has a support at Rs 28.50 and on the upside the stock could test Rs 33. Canara Bank has a support around the rising gap at Rs177-178 and any intra-day decline should see the stock find support around this level. On the upside the stock could move to Rs 197.
Reliance Industries is likely to exhibit intra-day strength above Rs552. SBI could test Rs 635 and the stock has a support at Rs 606.