Daily Chart of Nifty 50 suggests us that Nifty has hit the resistance zone. The zone between 21505 and 21665 is a resistance zone and has multiple resistances. Nifty continues as on date to be overbought. The reason of Nifty not falling is support from FII buying and multiple technical supports between 21352 and 21246. If 21246 is broken Nifty can fall to 21037 or even 20776 levels. 20776 should be considered a major support. If by chance we see a closing Below 20776 bears will get out of comma and can try to drag Nifty to 20502 or even 20178 levels. This should be the range of Nifty for the next 15 days to 1 month. Momentum of Nifty remains strong as on date and every dip is being bought. Such stage can lead to euphoria and investors getting trapped at higher levels. One needs to be very choosy in selecting the scripts while investing as always but more so in the stage of rally we are currently.
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