Market Outlook 21 February 2014
Nifty (6091.45, -61.30, -1.00%)
The index is looking weak, it has closed just below the 6092-mark. Now, we need to see if it manages to sustain above this level. While staying above this level may be good, the index ought to cross 6122 in order to move up again—any failure to do so would attract fresh selling. In order to show real strength, it should get past 6143 – 6162 range, which looks like a tall order. On the downside, if it were to fall below even 6080 it could go down to test 6058 – 6020 support area going forward.
Most critical level for the day: 6092
Immediate resistance: 6105
Strong resistance: 6115 – 6123
Major resistance: 6141 – 6163
Strong support: 6080 – 6058
Major support: 6020 – 5983
Bank Nifty (10428.30, - 181.30, -1.70%)
Bank index is weak again. It can slide further down from here if it were to stay below 10395 in today’s session. This happens to be the most crucial level for the day for real weakness would be signaled only when the bears take out this decisively. On the other hand, if there were to be any recovery from here, the index would needs to get past 10471-mark and stay above that level on the back of strong buying. The major resistance, however, remains located between 10560 and 10660—unless this zone is firmly taken out all rallies would just be pullback ones.
Immediate resistance: 10439 – 10471
Strong resistance: 10525 - 10560
Major resistance: 10625 – 10660
Most critical level for the day: 10395, its immediate support level
Nifty (6091.45, -61.30, -1.00%)
The index is looking weak, it has closed just below the 6092-mark. Now, we need to see if it manages to sustain above this level. While staying above this level may be good, the index ought to cross 6122 in order to move up again—any failure to do so would attract fresh selling. In order to show real strength, it should get past 6143 – 6162 range, which looks like a tall order. On the downside, if it were to fall below even 6080 it could go down to test 6058 – 6020 support area going forward.
Most critical level for the day: 6092
Immediate resistance: 6105
Strong resistance: 6115 – 6123
Major resistance: 6141 – 6163
Strong support: 6080 – 6058
Major support: 6020 – 5983
Bank Nifty (10428.30, - 181.30, -1.70%)
Bank index is weak again. It can slide further down from here if it were to stay below 10395 in today’s session. This happens to be the most crucial level for the day for real weakness would be signaled only when the bears take out this decisively. On the other hand, if there were to be any recovery from here, the index would needs to get past 10471-mark and stay above that level on the back of strong buying. The major resistance, however, remains located between 10560 and 10660—unless this zone is firmly taken out all rallies would just be pullback ones.
Immediate resistance: 10439 – 10471
Strong resistance: 10525 - 10560
Major resistance: 10625 – 10660
Most critical level for the day: 10395, its immediate support level
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