Nifty took a critical support at 21777. (A number to watch)

19 Nis

Nifty fell like a hot knife going through butter slab reacting to Iran Israel news. There was some respite today as Nifty has takena support at 21777 and bounced back to close the week at 22147 staging a remarkable recovery. 21777 will remain a critical support to watch for reminder of the month. In case this support is not held further supports will be only between the range of 21157 and 20973. If 20973 is further falls casualty to any escalation between Iran and Israel, we still have a strong support near 20592 which is also a Mid channel support. If by chance mid channel support is broken there can be a free fall towards 20237 or even 18878 levels if situation worsens. On the positive side of it if 21777 is respected we can further see resistances near 22318, 22514 and ATH resistance near 22775 levels. Things are delicately poised but let us hope peace prevails and we see nifty bouncing back drastically in the coming week or weeks. Local sentiments still remain good except for the fact that some FIIs are not happy with tax heavens status withdrawal from Mauritius. Global factors specially related to Israel and Iran are governing the global sentiments currently.