Nifty October futures (8121.4)(-17.4):
It was a small range day and an inside day for Nifty future as its range was encompassed within the range of the previous day. This makes the next trading session important as it is likely to give a breakout and trend in the direction of the breakout. The level of 8118 is the immediate support but the critical support is 8100-8085 and a decisive breach of this region will see the bears returning to the centre stage again. The 8137 level is the immediate resistance but till such time that the 8170-8220 region is decisively crossed, the warring sides are evenly placed. 8152, 8170 and 8200, where the 200-day exponential moving average is posited are strong supply zones which must be taken out for signalling strength.
It was a small range day and an inside day for Nifty future as its range was encompassed within the range of the previous day. This makes the next trading session important as it is likely to give a breakout and trend in the direction of the breakout. The level of 8118 is the immediate support but the critical support is 8100-8085 and a decisive breach of this region will see the bears returning to the centre stage again. The 8137 level is the immediate resistance but till such time that the 8170-8220 region is decisively crossed, the warring sides are evenly placed. 8152, 8170 and 8200, where the 200-day exponential moving average is posited are strong supply zones which must be taken out for signalling strength.
- Resistance: 8137, 8152, 8170, 8195-8200, 8247-8250, 8280, 8300, 8324, 8350, 8400-8405
- Support: 8118, 8100, 8085, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765, 7714
Bank Nifty October Futures (17601.65) (-21.2):
The open and low was same for the index and though the index has closed the day with modest losses, it has rebounded from the important support around 17500. It is currently interspersed between two important levels, the 17500-support and the 17738-resistance where the 200-day exponential moving average is posited. The long term uptrend will be confirmed only if Bank nifty future closes decisively above 17738 level. The 17560-17545 region is an important support region and a failure to hold on to it on closing basis will signal weakness developing in the index and lead to lower levels once again. A decisive breach of 17485 could spell more trouble for the bulls and below 17420, the bears are likely to occupy the driver's seat once again; it could lead to fresh panic unwinding.
- Resistance: 17595-17600, 17645, 17700, 17738, 17770, 17810, 17849, 17862, 17900, 17998-18000, 18137
- Support: 17540-17545, 17500, 17485, 17420, 17374, 17350, 17300, 17287, 17200
(-17.4): It was a small range day and an inside day for Nifty future as its range was encompassed within...){kind=link}
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