Nifty (8513.50, -68.25, -0.79%)
The index looks very weak. Unless it quickly recovers to levels between 8528 and 8540, there would be no redeeming feature. On the contrary, a fall below 8498 – 8478 range is likely to aggravate the problems of the bulls. A sustained campaign below the 8478-mark would pave the way for a retest of 8410 – 8399 range. In the unlikely event of a strong recovery, we need to see the index getting past 8557 through 8562 potentially strong supply zone. Any rally that fizzles out prior to decisively taking out this range would invite fresh selling by the bears. And a close above 8615 would bring the bulls back on the center stage.
The index looks very weak. Unless it quickly recovers to levels between 8528 and 8540, there would be no redeeming feature. On the contrary, a fall below 8498 – 8478 range is likely to aggravate the problems of the bulls. A sustained campaign below the 8478-mark would pave the way for a retest of 8410 – 8399 range. In the unlikely event of a strong recovery, we need to see the index getting past 8557 through 8562 potentially strong supply zone. Any rally that fizzles out prior to decisively taking out this range would invite fresh selling by the bears. And a close above 8615 would bring the bulls back on the center stage.
- Most critical levels for the day – 8528 – 8540, its immediate resistance
- Strong resistance: 8557 – 8562
- Major resistance: 8615 – 8640
- Strong support: 8498 – 8478
- Major support: 8410 – 8399
Bank Nifty (18635.85, -229.15, -1.21%)
This index looks even weaker. If it were to fall below the level of 18525 and stay there then much greater weakness could well be felt since large scale selling might just be on the way once the most critical level mentioned above gives way. Any semblance of a sustained recovery could be seen only if it takes out the 18795-mark. Any rally that does not successfully take out the 18768 – 18818 potentially strong supply zone would be a grand invitation to the bears. The bulls would be on the driver’s the day they take out the 19100-mark.
- Most critical levels for the day – 18525, its immediate support
- Strong resistance: 18768 – 18795 - 18818
- Major resistance: 19050 - 19100
- Strong support: 18525 – 18486 - 18411
- Major support: 18299 - 18275
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 The index looks very weak. Unless it quickly recovers to levels between 8528 and 8540, there would be no...){kind=link}
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