Nifty August futures (8381)(+15.55):
Fresh slide in the nifty future halted as it moved within the range of the previous day, technically speaking it was an inside day. The next move will be clear in the next couple of days and is important as market action will reveal whether it was a respite in continuation of the slide or whether some meaningful pull back is in the offing. For now, markets have closed moderately in the positive after three days of bear hammering. Though nifty futures have closed the day with gains, the chart formation is not very comfortable but confirmation is awaited from today’s movement. It opened the day on a promising note, gap up, and though It moved up to 8445 in intraday rally, it to cross 8454 barrier and post noon closed the gap as it breached the 8400 support and closed below it. 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.
Fresh slide in the nifty future halted as it moved within the range of the previous day, technically speaking it was an inside day. The next move will be clear in the next couple of days and is important as market action will reveal whether it was a respite in continuation of the slide or whether some meaningful pull back is in the offing. For now, markets have closed moderately in the positive after three days of bear hammering. Though nifty futures have closed the day with gains, the chart formation is not very comfortable but confirmation is awaited from today’s movement. It opened the day on a promising note, gap up, and though It moved up to 8445 in intraday rally, it to cross 8454 barrier and post noon closed the gap as it breached the 8400 support and closed below it. 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, 8450, 8475, 8500, 8515, 8540, 8576, 8600, 8615
- Support: 8330, 8305-8300, 8290, 8250, 8220, 8200-8195
Bank Nifty August futures (18243) (+107.25):
The particular formation in Bank nifty future signals indecisiveness for bulls and bears alike. After a significant swing down, almost 1100 points from the high of 19194 posted on 6th of this month to 18094.4 posted 2 days back it could signal either that the bears are taking some respite or the bulls are pulling some support in this region. It closed in the positive after four days of slide. Last session was a narrow range day and completely enveloped by the range of the preceding day. It has closed around a strong support in the 18106-18094-18050 and a breach of this support will signal fresh slide. It may then 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, 18310 is the immediate resistance above which 18410 is an important supply zone. 18501 is the critical level and a failure to move above it on rallies will signal fresh weakness. It must sustain initially above 18410 and then above 18575 and later above 18670 to signal strength. Each level will bring its supply which needs to be absorbed for bullishness but the final test will be in the 18880 region above which it may be considered to be out of woods which in the current scenario seems a tall order.
- Resistance: 18310-18325, 18355, 18425, 18460, 18507, 18585, 18685, 18705, 18735, 18785, 18800, 18880, 18900
- Support: 18210, 18106, 18090, 18050, 17990, 17962, 17875, 17742, 17603
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(+15.55): Fresh slide in the nifty future halted as it moved within the range of the previous day, technica...){kind=link}
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