Nifty October futures (8304.15)(+41.85):
Nifty future has closed the last day with gains but the almost 15 point black body with a gap, almost same sized lower and upper shadows needs confirmation whether the markets are headed for a short correction or the upswing will continue unabated. The major resistance for now is around 8340 and above that it is likely to move up to the 8397-8400 region with some resistance around 8375. 8280 is the immediate support but the major support for now is around 8220-8200 and till such time that this region holds on declines the bulls will continue to hold fort. The critical support is the 8180 zone and a decisive breach of this region will see the bears returning to the centres stage again leading to panic selling if the 8112-8100 support is also broken, though given the strength of the markets, this seems less likely for the present.
Nifty future has closed the last day with gains but the almost 15 point black body with a gap, almost same sized lower and upper shadows needs confirmation whether the markets are headed for a short correction or the upswing will continue unabated. The major resistance for now is around 8340 and above that it is likely to move up to the 8397-8400 region with some resistance around 8375. 8280 is the immediate support but the major support for now is around 8220-8200 and till such time that this region holds on declines the bulls will continue to hold fort. The critical support is the 8180 zone and a decisive breach of this region will see the bears returning to the centres stage again leading to panic selling if the 8112-8100 support is also broken, though given the strength of the markets, this seems less likely for the present.
- Resistance: 8324, 8340, 8375, 8397-8400,84015, 8447, 8500
- Support: 8280, 8261, 8235, 8220, 8195, 8170, 8154,8137, 8100, 8085, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765
Bank October Futures (17935.5) (+215.9):
Bank nifty future tested the low of 17560 after the test of 18009 and has moved up again to close above the 200 day ema posited in the 17744 region signalling continuation of the upswing. It must now move up decisively above 18010 for confirming the uptrend which may lead it to the 18380 region where the 200 day sma is posited with some resistance around 18100, 18137, 18200, 18300. Though 17860 is the immediate support the psychological support is at 17900. 17740-17700 region is the important support zone and the critical support is 17560 below which the long term uptrend will be in jeopardy and fresh offloading may take place.
- Resistance: 17998-18010, 18109, 18137, 18200, 18295-18300, 18400, 18510, 18560
- Support: 17900, 17860, 17804, 17740, 17700, 17685, 17600, 17560, 17500-17495, 17440, 17356
(+41.85): Nifty future has closed the last day with gains but the almost 15 point black body with a gap...){kind=link}
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