Nifty October futures (8149.6)(-55.75):
Nifty future opened on a firm note but the upswing fizzled out around the 8147 level and it closed the day in the negative. It retreated from around the 8247-8250 region for the second consecutive day and the formation on the charts is not encouraging for the bulls. It must sustain decisively above 8250 for signalling continuation of the upswing. A failure to do so is likely to push it down and it may again seek lower levels. It has again closed below the 200 exponential moving average posited around 8200 which does not augur well for the bulls. The level of 8164-8170 is the immediate resistance and a failure to cross this level on intraday rallies will signal further weakness. The level of 8148 is the immediate support but the critical support is 8110-8100 and a decisive breach of this region will see the bears returning to the centres stage again.
Nifty future opened on a firm note but the upswing fizzled out around the 8147 level and it closed the day in the negative. It retreated from around the 8247-8250 region for the second consecutive day and the formation on the charts is not encouraging for the bulls. It must sustain decisively above 8250 for signalling continuation of the upswing. A failure to do so is likely to push it down and it may again seek lower levels. It has again closed below the 200 exponential moving average posited around 8200 which does not augur well for the bulls. The level of 8164-8170 is the immediate resistance and a failure to cross this level on intraday rallies will signal further weakness. The level of 8148 is the immediate support but the critical support is 8110-8100 and a decisive breach of this region will see the bears returning to the centres stage again.
- Resistance: 8164-8170, 8190-8206, 8247-8250, 8280, 8300, 8324, 8350, 8400-8405
- Support: 8130, 8110-8100, 8080, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765, 7714
Bank Nifty October Futures (17622.85) (-22.05):
Though the index has closed the day with modest losses, it has retreated from the important resistance around 17799-17814, and failed to close above the 17740 level where the 200 exponential moving average. 17740 is the important resistance level and the long term uptrend will be confirmed only if Bank nifty future closes decisively above this level. 17600 is the immediate support below which 17540-17545 region is an important support region and a failure to hold on to it on declines will signal weakness developing in the index and lead to lower levels once again. A decisive breach of 17450 could spell more trouble for the bulls and below 17374 the bears are likely to take the centre stage once again. 17350 is the critical support for now and a decisive breach of this level could lead to fresh panic unwinding.
- Resistance: 17630, 17700, 17740, 17793-17800, 17849, 17887-17900,17858, 17998-18000, 18137
- Support: 17600, 17540-17545, 17487, 17450, 17400, 17374, 17350, 17300, 17260, 17200, 17170, 17158, 17100, 17034-17000
(-55.75): Nifty future opened on a firm note but the upswing fizzled out around the 8147 level and it cl...){kind=link}
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