Nifty August futures (8365.45)(-125.35):
Slide in nifty future gained momentum and it closed deep in the red. What nifty futures did in two earlier day, shaving off 100+ points, it accomplished it in a single day last session, losing 125+ points. Many of the major support regions have been breached in last day’s sell off in line with a global melt down. A decisive breach of 8326 is likely to bring in more supplies. 8300 is likely to offer some support as the 200 day exponential moving average is posited there. A decisive breach of this level will be significant since it is a long term moving average and will signal fresh downside momentum. On the higher side, 8393-8400 is the immediate resistance and a failure to cross it on rallies will have further bearish impact. It must now sustain above 8455 to signal the end of the slide and above 8525 to signal strength.
Slide in nifty future gained momentum and it closed deep in the red. What nifty futures did in two earlier day, shaving off 100+ points, it accomplished it in a single day last session, losing 125+ points. Many of the major support regions have been breached in last day’s sell off in line with a global melt down. A decisive breach of 8326 is likely to bring in more supplies. 8300 is likely to offer some support as the 200 day exponential moving average is posited there. A decisive breach of this level will be significant since it is a long term moving average and will signal fresh downside momentum. On the higher side, 8393-8400 is the immediate resistance and a failure to cross it on rallies will have further bearish impact. It must now sustain above 8455 to signal the end of the slide and above 8525 to signal strength.
- Resistance: 8393-8400, 8435, 8454, 8475, 8500, 8515, 8540, 8576, 8600, 8615
- Support: 8330, 8305-8300, 8290, 8250, 8220, 8200-8195
Suggested Trades:
Sell on rallies stop above 8450 for target of 8330, 8300, 8280, 8250
Long positions may be taken if Nifty moves decisively above 8520 stop below 8470 for a target of 8540, 8570, 8590-8600
Bank Nifty August futures (18135.75) (-551.3):
A gap down open was followed by a selling spree which gained momentum in the latter half of the session and it lost in a day which had taken days to build. It clocked a loss of 551+ points and broke a few strong supports in the process. It has closed around a strong support in the 18135 region which was violated intraday when it posted a low of 18094. Below 18080, 18050 which is the next support, it may move down to 17962 where it may consolidate before its next move since it is an important support as the 200 exponential moving average is posited here. If, however, this region fails to contain the slide, it is likely to move deeper below the 18000 region, into 17000 region testing the next few levels on its way down. On the higher side, 18210 is the immediate resistance above which 18300 is an important supply zone. 18386-18400 is the critical level and a failure to move above it on rallies will signal fresh weakness. It must sustain initially above 18400 and then above 18575 and later above 18810 to signal strength. Each level will bring its supply which needs to be absorbed for bullishness but the final test will be in the 19000 region above which it may be considered to be out of woods which in the current scenario seems a tall order.
- Resistance: 18215, 18300, 18355, 18400, 18480, 18507, 18590, 186025, 18705, 18735, 18785, 18800, 18840, 18900
- Support: 18135, 18080, 18050, 17990, 17962, 17875, 17742, 17603
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(-125.35): Slide in nifty future gained momentum and it closed deep in the red. What nifty futures did i...){kind=link}
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