Nifty (6048.35, +47.25, +0.78%)
The Nifty, in order to move up carrying on the momentum of last hour of Friday last, should be able to get past 6073 comfortably and it should not also fall below the immediate support range between 6045 and 6042. This is the minimum precondition that must be met so as to continue the upward march. Only if we see the index clearing 6115 resistance level decisively, we can expect the pullback swing to continue with strength. Whatever happens, to make this upmove a truly bullish reversal, the Nifty should not fall below 6003 – 5980 major support area even during intraday swings—this support range should hold not just for today but for the days to come else the intermediate downswing would resume in full blast.
Most critical level of the day: 6073, its immediate resistance level as well
Strong resistance: 6095 – 6115
Major resistance: 6143 – 6162
Immediate support: 6045 – 6042
Strong support 6003 – 5980
Major support: 5943 – 5923
Bank Nifty (10203.75, +68.05, +0.67%)
Crossing and sustaining above the range between 10208 and 10220 would be critically important for the index for any failure to do so comfortably would mean weakness setting in again. However, for the Bank Nifty to show some real strength, you need to see it getting past 10321-mark as well in the early hours of the day preferably or at least on a closing basis. In the event of any profit taking led sell-off, the support range between 10130 and 10060 must hold else it may slip below even the 10000-mark. In any case, so long as we do not see the Bank Nifty crossing 10560 through 10625 supply zone all rallies from lower levels would just be pull back correctives.
Most critical levels for the day: 10208 – 10220, its immediate resistance
Strong resistance: 10275 – 10321
Next strong resistance: 10395 – 10430
Major resistance: 10560 – 10625
Immediate support: 10170
Strong support: 10130 – 10060
The Nifty, in order to move up carrying on the momentum of last hour of Friday last, should be able to get past 6073 comfortably and it should not also fall below the immediate support range between 6045 and 6042. This is the minimum precondition that must be met so as to continue the upward march. Only if we see the index clearing 6115 resistance level decisively, we can expect the pullback swing to continue with strength. Whatever happens, to make this upmove a truly bullish reversal, the Nifty should not fall below 6003 – 5980 major support area even during intraday swings—this support range should hold not just for today but for the days to come else the intermediate downswing would resume in full blast.
Most critical level of the day: 6073, its immediate resistance level as well
Strong resistance: 6095 – 6115
Major resistance: 6143 – 6162
Immediate support: 6045 – 6042
Strong support 6003 – 5980
Major support: 5943 – 5923
Bank Nifty (10203.75, +68.05, +0.67%)
Crossing and sustaining above the range between 10208 and 10220 would be critically important for the index for any failure to do so comfortably would mean weakness setting in again. However, for the Bank Nifty to show some real strength, you need to see it getting past 10321-mark as well in the early hours of the day preferably or at least on a closing basis. In the event of any profit taking led sell-off, the support range between 10130 and 10060 must hold else it may slip below even the 10000-mark. In any case, so long as we do not see the Bank Nifty crossing 10560 through 10625 supply zone all rallies from lower levels would just be pull back correctives.
Most critical levels for the day: 10208 – 10220, its immediate resistance
Strong resistance: 10275 – 10321
Next strong resistance: 10395 – 10430
Major resistance: 10560 – 10625
Immediate support: 10170
Strong support: 10130 – 10060
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