Nifty did well to hold on to crucial support. Can it hold ?

Nifty did well today to bounce back from the lows of the day at 22774 to close at 22929. Holding this support is key. Under the pressure of relentless selling the market is in bear grip as of now. This is a good time to identify long term investment opportunities. Gaining immediate profits and fast recovery looks little difficult as of now. (You can not be 100% sure about the tops and bottoms of the market.) Next few months will give ample opportunities to average/add on bounce only. Mother father line supports and Resistances are the key to any investment during the bear phase of market. Patience of investors will be tested in the coming few weeks and months. Reshuffling your portfolios in favour of Fundamentally strong stocks that are going or still above 50 and 200 weeks EMA or Mother father line will be key. This is a stock pickers market. The forth that had build up post COVID rally is being cleared. Corrections are healthy sign for long term investors. Stock market is a place where money is transferred from the impatient to the patient. Pain will remain in the market for a short to medium term but hopefully great time and great rally awaits us in medium to long term. This next few weeks and probably months will test the new investors. Those who have seen a few Bull and Bear cycles know that good times do return eventually on the browsers.

Nifty Supports remain at: 22758, 22159, 21810 and finally 21302.

Nifty Resistances remain at: 23128, 23259 and 23435. Major hurdles for Bulls remain near Mother line at 23554 and Father line 23594. After a closing above 23838 only Bulls can be back into the game.

Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.