Nifty Potential Support and Resistance Levels to watch in the near term.

• In furtherance of : http://techincallearning.blogspot.in/2014/06/nifty-hourly-chart.html
• A follow -up analysis are herein below:
• A sharp  rally is seen from the level of 7200 to 7700 { Rally of 500 Points}
• Consolidation :  Upper Channel = 7700,  Lower Channel = 7440 { Range of  approx 250 points}
• In yesterday session , down move halted at previous rising window support at 7484.
• Potential Resistance levels : 7550, 7600-7620, 7700.
• Potential Support levels : 7484- 7500, 7440.
• Level of 7550 on the upside to be likely to be watched keenly by the traders.
• On the flipside 7440 on the downside, will be an important level to be watched.
• Momentum indicators are oscillating around the 0 line, indicating range bound movement.
• Position should be taken cautiously with strict stop losses, as range bound movement is  usually followed by sharp movement on either side.