Low of today is very critical support for Nifty.

Low of today 23206 is very critical support for Nifty. If that is broken tomorrow or later during this week. It will be a typical sign of a top or double top formation. Indicating weakness which can find Nifty searching for supports. Supports for Nifty from current level are at 23206, 23074, 22995 (Mother Line Very Important support 50 hours EMA), Most critical support zone for Nifty In case of double top formation will be between 22712 and 22616(Father Line support 200 hours EMA). Below this zone will be Bear territory which can drag Nifty to 22408, 22094 or even 21268. On the positive side if the levels of 23206 is not broken. The resistances on the upper side or targets for Nifty can be 23339, 23412, 23542 or even 23700+(23500+ looks little optimistic rather than realistic looking at current formation of the chart.) There are some important events like US Fed rate hike decision. If there is no rate cut announced or if the commentary of US FED chairperson there is a possibility of profit booking by all counters. In case of a rate hike (unlikely) the Bull run can end for now. Watch out the Macro and Micro events like US FED Meeting and any development on allies of the ruling coalition in India behaving mischievously with caution. keep proper stop losses in place.