Good closing today by Nifty but Bull market not yet in sight.

Good recovery by Nifty today closing above the mid channel line but there is long way to go before Bulls are back in business. We do not know if today's bounce was a dead cat Technical bounce after the rout yesterday.

The resistances that Nifty now faces are at 23176, 23424, 23657 (Father line resistance), 23850 (Mother line resistance), 24518 and finally channel top resistance near 24799. Above 24800 closing bulls can come back in business and take Nifty North wards to 25299+ levels.

Supports for Nifty remain at 22935, 22465, 21866 and finally 21232. Below 22935 is a pure Bear territory. We are terribly close to the bear territory. Shadow of the candle is neutral.

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. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. I or my clients might have positions in the stocks that we mention in our 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.