Nifty August futures (8380.05)(-125.35):
Nifty future opened in the negative, rallied to a high of 8506.35 but turned negative thereafter and post noon dropped to a low of 8358.4. There was modest pull back in the end of session and it closed the day deep in the red. 8345 is the immediate support and a decisive breach of this region will spell more trouble for the bulls as it will bring in more supplies. A test of 8310 where the 200 exponential moving average is posited seems likely and if this region holds out, some relief rally may be expected. A decisive breach of this region will be significant as this region has given support since July, it is a long term moving average as well as an important retracement level and a decisive breach of it could lead to fresh panic. On the higher side, 8397-8400 is the immediate resistance and it must sustain decisively above this region to signal halt in the downswing. 8436, 8453, 8470, 8485, 8500 all are supply points which needs to be absorbed for upswing.
Nifty future opened in the negative, rallied to a high of 8506.35 but turned negative thereafter and post noon dropped to a low of 8358.4. There was modest pull back in the end of session and it closed the day deep in the red. 8345 is the immediate support and a decisive breach of this region will spell more trouble for the bulls as it will bring in more supplies. A test of 8310 where the 200 exponential moving average is posited seems likely and if this region holds out, some relief rally may be expected. A decisive breach of this region will be significant as this region has given support since July, it is a long term moving average as well as an important retracement level and a decisive breach of it could lead to fresh panic. On the higher side, 8397-8400 is the immediate resistance and it must sustain decisively above this region to signal halt in the downswing. 8436, 8453, 8470, 8485, 8500 all are supply points which needs to be absorbed for upswing.
- Resistance: 8397-8400, 8436, 8453, 8470, 8485, 8500, 8515, 8540, 8562, 8590, 8612
- Support: 8370, 8355, 8305-8300, 8290, 8254, 8215-8200
Bank Nifty August futures (18309.6) (-421.3):
Opening session for Bank Nifty futures was volatile and weak. It posted the high of 18743 in the opening session itself after a negative opening. Post noon it fell sharply to a low of 18240.75. There was a weak recovery in the end of session and it closed the day, deep in the red. The breakout happened in the lower side and as feared, it was a directional move thereafter. 18300 and 18240 are immediate supports and if breached it may move down to 18200, 18140, 18085, 18000 region. The 200 day exponential moving average is posted around 18000 and some consolidation is likely in this region. If however, this level fails to contain the fall, fresh panic offering may be expected. On the higher side, 18335 is the immediate resistance and a failure to move above this region decisively could lead it to lower targets. But if this region is reclaimed, a pullback rally mainly on short covering may be expected. It must sustain decisively above 18800 to signal fresh upswing.
- Resistance: 18335, 18400, 18475, 18500, 18520, 18600-18609, 18630, 18665, 18700, 18760, 18780, 18800, 18815, 18890, 18920
- Support: 18300, 18240, 18200, 18140, 18085, 18000, 17980, 17920-17900, 17825
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(-125.35): Nifty future opened in the negative, rallied to a high of 8506.35 but turned negative thereaf...){kind=link}
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