Nifty (6062.70, +9.25, +0.15%)
The index has become directionless once again and is trading within a narrow range. Now, it needs to clear 6091 on the upside while it should not fall below 6050 on closing price basis to retain the bullishness shown through last week’s price action. Going by the movement of the SGX Feb Nifty (6115.50, +42.00, as we write this Market Outlook), we are likely to open somewhere around the 6090-mark itself. If we manage to clear the 6120 – 6129 range in today’s bullish environment that would be one step ahead towards clearing the eventual hurdle at 6150 before the uptrend acquires some directional momentum. However, at the end of the day, if the Nifty were to fall again and close below 6050, for whatever reason, the bullishness would dissipate in a big way.
Most critical level for the day: 6091, it will act as a pivot level for the index today
Strong resistance: 6120 – 6129
Major resistance: 6150 – 6191
Immediate support: 6056 – 6043
Major support: 6030 – 5979
Bank Nifty (10245.45, +31.55, +0.31%)
In today’s session the Bank Nifty must be able to clear the gap between 10321 and 10406 - if it were to do so, the confirmation of its taking out those levels would come through a movement above 10430-level as well. However, to morph into a sustainable uptrend, the index should also take out 10560 - 10625 supply zone decisively. During the day, on any profit taking or any other form sell-off for any reason, it should not fall below the 10240 - 10235 support area. Even if it falls below that on intraday swings the close should be much above that to retain some strength to move up further for any decisive fall below 10235 would signal the onset of a fresh bear pressure building up.
Most critical levels of the day: 10240 – 10235, its immediate support as well
Immediate resistance: 10321 – 10378
Strong resistance: 10406 – 10430
Major resistance: 10560 – 10625
Strong support: 10170 – 10130
Major support: 10010 - 9850
The index has become directionless once again and is trading within a narrow range. Now, it needs to clear 6091 on the upside while it should not fall below 6050 on closing price basis to retain the bullishness shown through last week’s price action. Going by the movement of the SGX Feb Nifty (6115.50, +42.00, as we write this Market Outlook), we are likely to open somewhere around the 6090-mark itself. If we manage to clear the 6120 – 6129 range in today’s bullish environment that would be one step ahead towards clearing the eventual hurdle at 6150 before the uptrend acquires some directional momentum. However, at the end of the day, if the Nifty were to fall again and close below 6050, for whatever reason, the bullishness would dissipate in a big way.
Most critical level for the day: 6091, it will act as a pivot level for the index today
Strong resistance: 6120 – 6129
Major resistance: 6150 – 6191
Immediate support: 6056 – 6043
Major support: 6030 – 5979
Bank Nifty (10245.45, +31.55, +0.31%)
In today’s session the Bank Nifty must be able to clear the gap between 10321 and 10406 - if it were to do so, the confirmation of its taking out those levels would come through a movement above 10430-level as well. However, to morph into a sustainable uptrend, the index should also take out 10560 - 10625 supply zone decisively. During the day, on any profit taking or any other form sell-off for any reason, it should not fall below the 10240 - 10235 support area. Even if it falls below that on intraday swings the close should be much above that to retain some strength to move up further for any decisive fall below 10235 would signal the onset of a fresh bear pressure building up.
Most critical levels of the day: 10240 – 10235, its immediate support as well
Immediate resistance: 10321 – 10378
Strong resistance: 10406 – 10430
Major resistance: 10560 – 10625
Strong support: 10170 – 10130
Major support: 10010 - 9850
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