Nifty (6127.10, +53.80, +0.89%)
Our Nifty is on a strong upward momentum; however, it needs to remain above the most critical support range of 6115 through 6104 to maintain this strong bullish tempo. On the other hand, its momentum would be more pronounced once it takes out 6140 – 6150 strong resistance area. Once it crosses and stays above that zone, its next target and major resistance would be the levels between 6191 and 6212. While that being the bullish projection, we also need to monitor lower support levels between 6080 and 6078 in the event of any profit booking led sell off. To maintain the current strength, the Nifty should not fall below this range even during intraday session let alone on closing price basis.
Most critical levels for the day: 6115 – 6104,
its immediate support level as well
Strong resistance: 6143 – 6162
Major resistance: 6191 – 6212
Strong support: 6092 – 6078
Major support: 6038 – 6021
Bank Nifty (10575.20, +248.65, +2.41%)
The prospect of a real test of the major supply zone for the Bank Nifty looms large in today’s session. There is every probability of a test of 10625-level today and the index would acquire real bullish strength to get into a new intermediate uptrend when it takes out and closes comfortably above the 10658-level. The important support levels between 10430 and 10357 should hold and even in case of any profit taking led sell-off the lower boundary of 10357 should not be violated even in intraday session and by no chance on closing basis if the current bullish tempo is to be maintained.
Most critical levels for the day: 10595 – 10658, its immediate supply zone as well
Strong resistance: 10701 – 10740
Major resistance: 10793 – 10906
Strong support: 10430 – 10357
Major support: 10279 - 10193
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