Nifty August futures (8481.7)(-6.35):
It opened on a positive note and moved up firmly to test the high of 8531.95 but then slipped from there to test a low of 8437.25. It recovered in the latter half of the session to close the day with modest losses. It was an inside day since the range was encompassed within the range of the previous day and so today is likely to be a volatile session and the direction of the breakout will signal the direction of the trend. It has been consolidating after the big move on the 14th and so breakout in any direction will be significant. 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, 8470 is the immediate support below which 8460, 8434, 8387, 8372 are important levels expected to give some support. Below 8390, the initiative will move in the hands of the bears. A decisive breach of 8355 will signal further weakness.
It opened on a positive note and moved up firmly to test the high of 8531.95 but then slipped from there to test a low of 8437.25. It recovered in the latter half of the session to close the day with modest losses. It was an inside day since the range was encompassed within the range of the previous day and so today is likely to be a volatile session and the direction of the breakout will signal the direction of the trend. It has been consolidating after the big move on the 14th and so breakout in any direction will be significant. 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, 8470 is the immediate support below which 8460, 8434, 8387, 8372 are important levels expected to give some support. Below 8390, the initiative will move in the hands of the bears. A decisive breach of 8355 will signal further weakness.
- Resistance: 8496-8500, 8540, 8562, 8590, 8612, 8635, 8665, 8700-8710
- Support: 8470, 8462, 8434, 8400, 8370, 8355, 8305-8300, 8290
Bank Nifty August futures (18812.55) (-29.7):
Bank nifty future opened the session on a firm note and touched the intraday high in the opening session itself. There was a slow slide thereafter as it slipped to a low of 18614 in the post noon session but recovered quickly to close the day around the high with modest losses. The 18610 region has become an important support as nifty has bounced back from this region on two consecutive days and a decisive breach of this level will be significant and have bearish implication. The latter half of the session was more volatile. The undertone is mildly bearish as it has closed in the negative and it failed to make inroads into the 18900 region. Technically it was an inside day since its range was encompassed within the range of the previous day and a breakout is most likely today which will signal the direction of the trend for the next session. 18840, 18890 is the immediate resistance and a follow up buying should take it initially above 18920 and then above 19020 if the bullishness is to sustain. 18800-18760 is the immediate support below which 18714, 18660, 18600. A decisive breach of 18600 at this juncture, however, will signal weakness. 18520-18495 is the critical level and a breach of this zone will be significant and load the dice in favour of the bears.
- Resistance: 18840, 18890, 18920, 19000, 19030, 19064, 19140, 19195-19200, 19265
- Support: 18800, 18760, 18714, 18660, 18615, 18585, 18520, 18490, 18400, 18330, 18300, 18230, 18140, 18085, 17930
+91 9743615104
(-6.35): It opened on a positive note and moved up firmly to test the high of 8531.95 but then slipped fr...){kind=link}
No comments:
Post a Comment