Today is the make or break day for nifty and the bank nifty.The global cues says the markets should go down from here.The Fed. gov. did say three words which proved the markets down fall "about six months" even though she spoke for an hour or so.She has made it clear if the inflation does go above 2 percent she will increase the interest rates. Forget about the employment figure etc. If the economy does grow fast then then the inflation too will rise.Tapering will end in another 5 months and an hike is certain now by early next year or even earlier.
The local markets resistance and supports are as follow.
Nifty
Bank Nifty
Getting past 12250 is not going to be an easy task the bank bulls have understood—that’s what the bank bulls have by now understood. Only if they clear this barrier, there will be an upswing; however, if the bank bulls fail to take this range out of the window, it would lead to a worsening situation. On the other hand, I would marry here but you would not suffer any pain or inflammation. We expect the Bank Nifty to slide further by the end of the day.
The local markets resistance and supports are as follow.
Nifty
- Most critical levels: 6516 – 6500, its immediate support as well
- Strong support: 6471 – 6448
- Major support: 6417 – 6387
- Strong resistance: 6549 – 6562
- Major resistance: 6575 – 6603
Bank Nifty
Getting past 12250 is not going to be an easy task the bank bulls have understood—that’s what the bank bulls have by now understood. Only if they clear this barrier, there will be an upswing; however, if the bank bulls fail to take this range out of the window, it would lead to a worsening situation. On the other hand, I would marry here but you would not suffer any pain or inflammation. We expect the Bank Nifty to slide further by the end of the day.
- Most critical levels: 12246 – 12318, its immediate resistance zone
- Strong support: 12136 – 12075
- Major support: 11965 – 11205
- Strong resistance: 12430 – 12570
- Major resistance: 12676 - 12770