Nifty July Futures (8372.8)(-161.55):
Markets opened on a weak note with a downside gap on weak global cues and tanked further on spree of adverse news. Technically, Nifty futures had turned weak having closed below 8546 on Friday and below 8470, the bears had a field day as they hammered the index to a two week low closing. On the higher side, though 8415 is the immediate resistance, 8438 is the strong supply zone now which must be taken out for signalling that the slide has stopped. It closed the day around an important level around 8373 and if this support is breached, it is likely to seek lower levels and then there will be chances of test o the 200 exponential moving average around 8275. Below 8275 there could be a fresh bout of panic. A close above 8570 will, however, negate the bearish outlook.
Markets opened on a weak note with a downside gap on weak global cues and tanked further on spree of adverse news. Technically, Nifty futures had turned weak having closed below 8546 on Friday and below 8470, the bears had a field day as they hammered the index to a two week low closing. On the higher side, though 8415 is the immediate resistance, 8438 is the strong supply zone now which must be taken out for signalling that the slide has stopped. It closed the day around an important level around 8373 and if this support is breached, it is likely to seek lower levels and then there will be chances of test o the 200 exponential moving average around 8275. Below 8275 there could be a fresh bout of panic. A close above 8570 will, however, negate the bearish outlook.
- Resistance: 8386, 8415, 8438, 8480, 8515-8525, 8570, 8590-8600
- Support: 8370 8330, 8306, 8275, 8230, 8200
Bank Nifty July Futures (18251.45) (-424.5):
Bank Nifty Futures opened gap down and lost further grounds as fresh sales were pressed despite the weak open so that at one point it was down by almost 460 points. It took support around an important level at 18215 and closed off the low of the day. It had turned negative as signalled by the Friday closing and the weak global cues crystallised in a major sell off. 18215 is an important support and a decisive breach of this level will push it down to lower supports at 18126, 18030, 18008. On the higher side, though 18304 is the immediate resistance, 18369 is an important level being the 200 simple moving average and it must sustain decisively above this to signal that the downswing is over. A test of 18370 on rallies and a failure to sustain above it will have more bearish implications and may lead to its testing the 200 exponential moving average posited around 17865.
- Resistance: 18304, 18369, 18436, 18500, 18570, 18605, 18660, 18730, 18780, 18800, 18860, 18890-18900, 18920, 18965, 19000
- Support: 18230, 18215, 18126, 18130, 18030, 18008, 17970, 17865
(-161.55): Markets opened on a weak note with a downside gap on weak global cues and tanked further on sp...){kind=link}
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