Nifty (8337.00, -24.00, -0.29%)
International cues are, in fact, reasonably good with the Dow closing sharply higher after rallying nearly 200 points from day’s low. This morning the Asian markets sand Japan is trading in the green, and the SGX July Nifty is down by just 5.50 points 8338.50 as we write this Market Outlook. We tend to think that unless 8321 through 8279 support area gets broken, further downside would be capped and a pullback rally could well happen. However, unless you see a recovery taking out the Nifty levels between 8407 and 8413, no pullback would have the ability to post a short term reversal. Only when this range is decisive cleared, we are likely to see the bulls getting some initiative back.
International cues are, in fact, reasonably good with the Dow closing sharply higher after rallying nearly 200 points from day’s low. This morning the Asian markets sand Japan is trading in the green, and the SGX July Nifty is down by just 5.50 points 8338.50 as we write this Market Outlook. We tend to think that unless 8321 through 8279 support area gets broken, further downside would be capped and a pullback rally could well happen. However, unless you see a recovery taking out the Nifty levels between 8407 and 8413, no pullback would have the ability to post a short term reversal. Only when this range is decisive cleared, we are likely to see the bulls getting some initiative back.
- Most critical levels for the day – 8407 - 8413, its strong resistance zone
- Major resistance: 8461 – 8488
- Strong support: 8321 – 8305
- Major support: 8257 – 8191
Bank Nifty (18280.80, +69.75, +0.382%)
Some of the PSU banks showed a shot term reversal formation and this index showed that around the levels between 18200 and 18150 buying demand has started surfacing. On the other hand, only when you see the Bank Nifty getting past 18328 decisively expect a good recovery in the index and its constituent stocks. However, it would be far more encouraging for a sustained recovery to see the index getting past the strong resistance zone between 18423 and 18478 and closing above the upper boundary of the zone. If, by any chance, the Bank Nifty falls below 18166 – 18150 support area on high volume activity and large scale position building then sub-18000 levels could well be on the cards.
- Most critical levels for the day – 18328
- Strong resistance: 18423 - 18478
- Major resistance: 18570 - 18610
- Strong support: 18184 - 18150
- Major support: 17966 - 17827
 International cues are, in fact, reasonably good with the Dow closing sharply higher after rallying n...){kind=link}
No comments:
Post a Comment