Nifty August futures (8488.05)(-54.65):
It was a volatile opening for Nifty future as it rallied to an intraday high of 8540.55 after a weak open and slipped to a low of 8411 in the opening session itself. Neither did it cross the initial high posted in subsequent rallies nor did it breach the low on sell offs. It closed in the negative below the 8500 level, off the high and low of the day. Some consolidation in the 8440-8530 region was seen after the big move on the previous day before the next trending move. On the higher side, 8500 is the immediate resistance above which 8540 is the next supply zone and this must be taken out before fresh momentum can be expected. 8590-8612 must be taken out decisively before the bulls can feel comfortable again. On the lower side, 8475 is the immediate support below which 8460, 8410, 8387, 8372 are important levels expected to give some support. Below 8400, the initiative will move in the hands of the bears. A decisive breach of 8370 will signal further weakness.
It was a volatile opening for Nifty future as it rallied to an intraday high of 8540.55 after a weak open and slipped to a low of 8411 in the opening session itself. Neither did it cross the initial high posted in subsequent rallies nor did it breach the low on sell offs. It closed in the negative below the 8500 level, off the high and low of the day. Some consolidation in the 8440-8530 region was seen after the big move on the previous day before the next trending move. On the higher side, 8500 is the immediate resistance above which 8540 is the next supply zone and this must be taken out before fresh momentum can be expected. 8590-8612 must be taken out decisively before the bulls can feel comfortable again. On the lower side, 8475 is the immediate support below which 8460, 8410, 8387, 8372 are important levels expected to give some support. Below 8400, the initiative will move in the hands of the bears. A decisive breach of 8370 will signal further weakness.
- Resistance: 8496-8500, 8540, 8562, 8590, 8612, 8635, 8665, 8700-8710
- Support: 8475, 8462, 8410, 8400, 8370, 8355, 8305-8300, 8290
Bank Nifty August futures (18842.25) (+51.1):
It was a volatile opening for Bank nifty future as it touched the high and low of the day in the opening session itself. It opened on a firm note and initially rallied to a high of 18939.4 and dropped to a low of 18611.2 soon after on selling pressure. It recovered from there and turned volatile as it moved between the range set by the opening session and though it rallied to a high of 18913 in the closing session, it failed to cross the intraday high. Profit taking in that region pushed it down to sub 18900 levels in the closing. What needs to be observed is how things pan out this week. Though it has given a positive closing, it failed to make inroads into the 19000 region or close above 18900. A follow up buying should take it above 19020 if the bullishness is to sustain. A fall below 18500, however, will signal weakness. 18910 is the immediate resistance but the important supply zone is around 18990-19020 and this zone needs to be taken out decisively for fresh momentum. On the lower side, 18800-18785 is the immediate support below which 18707, 18654, 18596 and 18520 are important levels but 18515-18490 is the critical level and a breach of this zone will be significant.
- Resistance: 18890, 18920, 19000, 19064, 19140, 19195-19200, 19265
- Support: 18800-18785, 18707-18690, 18654, 18596, 18515-18490, 18400, 18350, 18300, 18210, 18140, 18085, 17930
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(-54.65): It was a volatile opening for Nifty future as it rallied to an intraday high of 8540.55 after ...){kind=link}
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