Nifty October futures (8194.65)(+34.1):
Volatility continued despite a small range day for Nifty future as it consolidated the gains of the past few days and moved range bound between 8200 and 8150 for the better part of the day with occasional spikes on both sides. It was an almost flat opening for the index. Its swing up was resisted in the 8200 region every time it attempted to cross it. The session ended in a rally and it closed the day on a firm note leading to expectation that the rally is likely to continue today and at least the opening will be on a positive note. There is a high probability that nifty future will open above the 8200 level and if this level gives support on dips, we may consider that the long term uptrend has been confirmed. If, however, this level fails to hold on dips or closing basis, chances are that the lower supports will be tested once again.
8170-8150 is currently the strong support below which 8115-8105 is the next important support zone. The critical level now is around 7980-8000 and a decisive breach of this region will see the bears returning to the centres stage again. However, given the strength of the markets, an immediate test of this region seems less likely.
Volatility continued despite a small range day for Nifty future as it consolidated the gains of the past few days and moved range bound between 8200 and 8150 for the better part of the day with occasional spikes on both sides. It was an almost flat opening for the index. Its swing up was resisted in the 8200 region every time it attempted to cross it. The session ended in a rally and it closed the day on a firm note leading to expectation that the rally is likely to continue today and at least the opening will be on a positive note. There is a high probability that nifty future will open above the 8200 level and if this level gives support on dips, we may consider that the long term uptrend has been confirmed. If, however, this level fails to hold on dips or closing basis, chances are that the lower supports will be tested once again.
8170-8150 is currently the strong support below which 8115-8105 is the next important support zone. The critical level now is around 7980-8000 and a decisive breach of this region will see the bears returning to the centres stage again. However, given the strength of the markets, an immediate test of this region seems less likely.
- Resistance: 8200, 8225, 8245, 8275, 8300, 8324, 8350
- Support: 8170, 8115-8105, 8060, 8040, 7985, 7960, 7897-7900, 7880, 7820, 7765, 7714
Bank Nifty October Futures (17689.05) (+16.3):
It was a dull trading day for this index as it moved within a small range which may be technically termed as an inside day as its range was encompasses within the range of the previous day. This will assume significance today as it may give a large move in the direction of the breakout, which, given the market mood, could be on the higher side. It closed the day with modest gains. Since the closing is almost flat, our earlier view and levels remains the same.
It has come up against an important resistance zone between 17745 and 17887. 17745 is the immediate resistance. It is also the critical level since the 200 exponential moving average is posited in this region and the long term uptrend will be confirmed if Bank nifty future closes decisively above this level. The levels of 17793, 17855, 17887 are important hurdles which need to be crossed on closing basis for fresh momentum, which could lead to the 18000 region. On the lower side, 17625, 17570 are good supports but 17520 is the important support region and as long as this level holds on declines, the bulls will continue to have advantage. A breach of this important support could lead to a retest of the lower levels once again. 17300 is the critical support for now and a decisive breach of this level could lead to fresh panic unwinding.
- Resistance: 17745, 17793-17800, 17855, 17887-17900, 17998-18000, 18137
- Support: 17700, 17625, 17580, 17500, 17414, 17366, 17300, 17260, 17200, 17170, 17158
