The index has been consolidating in a narrow range since last few weeks and the journey from 10,500 to 10,900 although remain uninterrupted is marked by spinning tops and dojis on weekly charts, which indicates pessimism in market participants behavior. The latest resistance for Nifty stands at 10,845 mark and any break above this level may again witness a surge in demand. The weekly support stands at 10,750 mark and any draw down towards this level may again put bears in charge.
Short term traders may buy Nifty above 10,845 mark for short term targets of 10,900-10,970.
Fresh shorts may be initiated below 10,780 odd levels for short term targets of 10,720-10,670