Nifty (8377.75, -70.35, -0.83%)
The index falls for five consecutive sessions! The minor pullback attempt was thwarted by late session selling. However, there is a sign on the end-of-day candlestick chart that the fierce downswing might taper off today and we could see a renewed attempt at a pullback again. To really see this happening the bulls need to take out the level of 8420 level and sustain the index above that mark for any failure to do so would result in another unsuccessful attempt at staging a pullback. If there were to be a pullback then we need to watch out that if it manages to push the Nifty, in the anticipated counter swing going forward, beyond 8550 through 8610, a potentially very strong supply zone; only if it were to do so then the bulls would retain a fighting chance to continue taking the market higher else any higher levels than 8450 would be a tempting invitation for the bears to press the sell button again. In case, the Nifty slips below the 8350-mark and stay there the potential for a pullback would diminish considerably and we should be expecting further lower levels and a retest of the recent low at 8269.
The index falls for five consecutive sessions! The minor pullback attempt was thwarted by late session selling. However, there is a sign on the end-of-day candlestick chart that the fierce downswing might taper off today and we could see a renewed attempt at a pullback again. To really see this happening the bulls need to take out the level of 8420 level and sustain the index above that mark for any failure to do so would result in another unsuccessful attempt at staging a pullback. If there were to be a pullback then we need to watch out that if it manages to push the Nifty, in the anticipated counter swing going forward, beyond 8550 through 8610, a potentially very strong supply zone; only if it were to do so then the bulls would retain a fighting chance to continue taking the market higher else any higher levels than 8450 would be a tempting invitation for the bears to press the sell button again. In case, the Nifty slips below the 8350-mark and stay there the potential for a pullback would diminish considerably and we should be expecting further lower levels and a retest of the recent low at 8269.
- Most critical level for the day: 8420
- Strong resistance: 8470 – 8525
- Major resistance: 8553 – 8631
- Strong support: 8350 – 8305
- Major support: 8269 – 8244
Bank Nifty (18105.75, -7.00, -0.04%)
This index did not post a fresh low yesterday in its current downswing—it did not breach the low of Monday at 17984. The important thing for this index is to get past the critical zone supply zone between 18175 and 18210—only if it were to successfully take out this zone it would climb further up. On the way up, the levels between 18314 and 18375 would be another potential supply zone to watch out for. However, for a turnaround of its fortunes you need to see the bank bulls taking the index beyond 18463 through 18534 major resistance zone.
- Most critical range for the day: 18175 - 18210
- Strong support: 18010 - 17985
- Strong resistance: 18315 - 18375
- Major support: 17719 - 17584
- Major resistance: 18463 - 18534
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 The index falls for five consecutive sessions! The minor pullback attempt was thwarted by late session s...){kind=link}
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