Podcast | A morning walk down Dalal Street: Key hurdle for Nifty at 10,850

The Nifty which started on a bullish note reclaimed its crucial resistance level of 10,700 in the opening tick on Wednesday and build momentum to rally above 10,750 but closed marginally below its resistance level of 10,770.

The index is now trading above most of its crucial short term moving averages. It formed a bullish candle on the daily candlestick charts and is now trading above 5, 13, and 50-EMA 
After closing above the 50-EMA, now the real challenge for bulls is to cross the interim top placed around 10,850 levels, experts said, adding the further short covering then may push Nifty towards 11,000 levels. 

The Nifty seems to be heading for another retest of the medium term falling trend-line from the all-time high of 11,171.

Hence 10,800-10,860 shall be the key hurdle zone to watch out for. On the downside, 10,604-10,557 is a key support zone, below which larger downside will be confirmed.