Nifty August futures (8592.65)(+45.1):
Nifty future opened on a firm note and maintained in the 8576-8617 zone for the almost entire trading session and has closed in the positive. It has closed above an important support around 8590. Though it made inroads into the 8600 zone when it tested the high of 8617, it failed to close within the 8600 zone. 8600 is proving to be the major hurdle on its way up and this region must be taken out for fresh momentum. On the lower side, 8590 is the immediate support but 8564 is the important demand line and as long as this holds on dips, bullish trend will continue to remain strong. There are many supports in the 8530- 8490 region but the critical level is around 8455-8450 and a close below this level will signal weakness.
Nifty future opened on a firm note and maintained in the 8576-8617 zone for the almost entire trading session and has closed in the positive. It has closed above an important support around 8590. Though it made inroads into the 8600 zone when it tested the high of 8617, it failed to close within the 8600 zone. 8600 is proving to be the major hurdle on its way up and this region must be taken out for fresh momentum. On the lower side, 8590 is the immediate support but 8564 is the important demand line and as long as this holds on dips, bullish trend will continue to remain strong. There are many supports in the 8530- 8490 region but the critical level is around 8455-8450 and a close below this level will signal weakness.
- Resistance: 8560, 8590, 8600, 8634, 8654, 8665, 8694, 8710
- Support: 8563, 8530, 8515-8500, 8490, 8450, 8420-8400, 8378, 8340
Bank Nifty August futures (19015.55) (-43.85):
The ominous formation on the charts of Bank Nifty future after a good upswing does not augur well for the bulls. Bulls and bears both seem indecisive at this juncture but the scales are tipped slightly in favour of the bears. Moving up takes energy and drive but markets can fall on their own weight. Level of 19158 which was achieved in the opening session itself remained the intraday high since it was not crossed in subsequent rallies. The trend for the intraday charts was downward as it posted a lower low and lower high in the hourly charts signalling lack of fresh buying, though in the end of session, there are signs of a pull back. The 19000 region, though breached briefly, was maintained throughout the session and also the closing, though in the negative, has been above this coveted level. 19010-18970-18930 region is now the immediate support and a breach of this region will see it testing the earlier lower level once again. It must take out initially 19130, and then 19280 decisively for fresh momentum. On the lower side, below 18930, support will be found in the 18890 -18800-18740-18700-18645 levels. A close below 18540 at this juncture will, however, signal weakness.
- Resistance: 19140, 19190, 19200, 19280, 19380-19400, 19510
- Support: 19010, 18970, 18930, 18890, 18825, 18808, 18775, 18730, 18630, 18570, 18540, 18485, 18450
(+45.1): Nifty future opened on a firm note and maintained in the 8576-8617 zone for the almost entire ...){kind=link}
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