Nifty (6022.40, +21.50, 0.36%)
The index is showing some signs of revival despite its failure to close above the 6030-mark. We have seen some good buying by domestic institutions while the FIIs continue to be sellers in the index future and cash segments both in large amount to offset an otherwise substantial buying by their domestic counterparts. Now, as we said yesterday, the index needs to clear 6025 – 6050 supply zone decisively to show that the pullback does have some more strength left to march upward.
Most critical levels of the day: 6025 – 6050
Strong resistance zone: 6065 – 6078
Major resistance zone: 6095 – 6129
Strong support: 6000 – 5976
Major support: 5943 – 5890
Bank Nifty (10231.65, +40.45, +0.40%)
The bank index needs to get past 10213 – 10255 today at the earliest to show real signs of strength and it also should not fall below this range to suggest that the pullback rally does have some real steam. It is very much due for a substantial pullback for a test to levels close to or above the 10500-mark. It also attracts bargain hunters and value seekers to buy whenever it comes close to 10100 – 10000 support area.
Most critical levels of the day: 10213 – 10255
Strong resistance: 10370 – 10435
Major resistance: 10560 – 10625
Strong support: 10130 – 10010
Major support: 9925 - 9860
The index is showing some signs of revival despite its failure to close above the 6030-mark. We have seen some good buying by domestic institutions while the FIIs continue to be sellers in the index future and cash segments both in large amount to offset an otherwise substantial buying by their domestic counterparts. Now, as we said yesterday, the index needs to clear 6025 – 6050 supply zone decisively to show that the pullback does have some more strength left to march upward.
Most critical levels of the day: 6025 – 6050
Strong resistance zone: 6065 – 6078
Major resistance zone: 6095 – 6129
Strong support: 6000 – 5976
Major support: 5943 – 5890
Bank Nifty (10231.65, +40.45, +0.40%)
The bank index needs to get past 10213 – 10255 today at the earliest to show real signs of strength and it also should not fall below this range to suggest that the pullback rally does have some real steam. It is very much due for a substantial pullback for a test to levels close to or above the 10500-mark. It also attracts bargain hunters and value seekers to buy whenever it comes close to 10100 – 10000 support area.
Most critical levels of the day: 10213 – 10255
Strong resistance: 10370 – 10435
Major resistance: 10560 – 10625
Strong support: 10130 – 10010
Major support: 9925 - 9860
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