Nifty (6221.45, -55.50, -0.88%)
The index opened lower and posted a lower high compared to last Friday’s session and closed nearly 1% down after its derivatives added 7.77% in fresh open interest addition. The hourly chart also looks quite negative. The bulls have almost lost their advantageous position—unless the cues from international markets are rank positive, the Nifty is likely to head down below the 6200-mark. It needs to quickly regain ground and stay above the immediate resistance zone between 6215 and 6230 if it were to show any sign of recovery. If the bulls fail to push the Nifty higher, the index could well slide further to go and test the strong support area between 6169 and 6154. However, the intermediate uptrend in the index remains intact till such time it stays above 6127 – 6085-levels.
Most critical levels: 6215 – 6230, its immediate resistance zone as well
Strong support: 6169 – 6154
Major support: 6127 – 6085
Strong resistance: 6243 – 6259
Major resistance: 6277 – 6310
Bank Nifty (10651.95, -112.75, -1.05%)
As usual, the bank index have suffered much more than the Nifty—it has lost more than 1% of its value over last Friday’s session and its derivative contracts have added more than 13% in open interest. This indicates fresh bearish pressure might well build up unless the index holds itself above the 10560-mark in the day’s session. Falling below the above level and staying there with increased volume activity would indicate more weakness developing and further prospect of lower levels being retested. On the other hand, if there were to be a recovery then we need to see 10669 – 10688 range being taken out decisively. If the bulls manage to push the Bank Nifty above this range and hold it then we are likely to see fresh buying coming back again.
Only on a close above 10770—we would find real bullish strength again.
Most critical levels: 10669 – 10688, its immediate resistance as well
Strong resistance levels: 10770 – 10805
Major resistance: 10895 – 10920
Immediate support: 10635 – 10610
Strong support: 10570 – 10535
Major support: 10430 - 10325
The index opened lower and posted a lower high compared to last Friday’s session and closed nearly 1% down after its derivatives added 7.77% in fresh open interest addition. The hourly chart also looks quite negative. The bulls have almost lost their advantageous position—unless the cues from international markets are rank positive, the Nifty is likely to head down below the 6200-mark. It needs to quickly regain ground and stay above the immediate resistance zone between 6215 and 6230 if it were to show any sign of recovery. If the bulls fail to push the Nifty higher, the index could well slide further to go and test the strong support area between 6169 and 6154. However, the intermediate uptrend in the index remains intact till such time it stays above 6127 – 6085-levels.
Most critical levels: 6215 – 6230, its immediate resistance zone as well
Strong support: 6169 – 6154
Major support: 6127 – 6085
Strong resistance: 6243 – 6259
Major resistance: 6277 – 6310
Bank Nifty (10651.95, -112.75, -1.05%)
As usual, the bank index have suffered much more than the Nifty—it has lost more than 1% of its value over last Friday’s session and its derivative contracts have added more than 13% in open interest. This indicates fresh bearish pressure might well build up unless the index holds itself above the 10560-mark in the day’s session. Falling below the above level and staying there with increased volume activity would indicate more weakness developing and further prospect of lower levels being retested. On the other hand, if there were to be a recovery then we need to see 10669 – 10688 range being taken out decisively. If the bulls manage to push the Bank Nifty above this range and hold it then we are likely to see fresh buying coming back again.
Only on a close above 10770—we would find real bullish strength again.
Most critical levels: 10669 – 10688, its immediate resistance as well
Strong resistance levels: 10770 – 10805
Major resistance: 10895 – 10920
Immediate support: 10635 – 10610
Strong support: 10570 – 10535
Major support: 10430 - 10325
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