Nifty July futures (8377.65,+26.7):
Nifty future remained range but with a positive bias and closed the day in the green, though with small gains. It was an inside day for the index i.e. its range was encompassed within the range of the previous day. 8386-8410 on the higher side and 8330-8300 are the major resistance and support zone and a breakout on any direction is likely to set the next trend. Today being the expiry for the July derivatives, it seems that movement of Nifty futures is likely to remain within the 8440-8300 range. A close above 8440 will signal a breakout on the higher side and above 8490-8515 will signal that it is out of the woods. 8330 is an important support and this level must be breached decisively for further downward momentum. It may then test the 200 exponential moving average around 8275.
Nifty future remained range but with a positive bias and closed the day in the green, though with small gains. It was an inside day for the index i.e. its range was encompassed within the range of the previous day. 8386-8410 on the higher side and 8330-8300 are the major resistance and support zone and a breakout on any direction is likely to set the next trend. Today being the expiry for the July derivatives, it seems that movement of Nifty futures is likely to remain within the 8440-8300 range. A close above 8440 will signal a breakout on the higher side and above 8490-8515 will signal that it is out of the woods. 8330 is an important support and this level must be breached decisively for further downward momentum. It may then test the 200 exponential moving average around 8275.
- Resistance: 8386, 8403, 8415, 8440, 8475, 8515-8525, 8574
- Support: 8344, 8330, 8306, 8270, 8254, 8230, 8200, 8190
Bank Nifty July futures (18329,+14.9):
It was a narrow range bound day for Bank nifty futures and its range was encompassed within the range of the previous day. The formation on the chart suggests that it is equally poised between the bulls and bears and both are undecided at this juncture. As long as it sustains above 18191 on declines, a pull back is very much on the cards. On the higher side, though 18370 is the immediate resistance, 18400 where the 200 simple moving average is posited must be crossed decisively to signal strength. 18435, 18495-18500, 18635 are important supply zones which must crossed decisively for fresh momentum. 18304 is the immediate support below which it may move down to 18235. A close below 18190 at this juncture will, however, signal fresh bearishness.
- Resistance: 18369, 18400, 18435, 18495-18500, 18570, 18605, 18635, 18700, 18730, 18780, 18800, 18860
- Support: 18316, 18304, 18235, 18215, 18190, 18130, 18030, 18000, 17970, 17865
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