NIFTY
The rise in Nifty has been very steep and almost vertical.It may open and go up, which is highly unlikely in the light as to what is happening in the asian markets.But a correction is very imminent at any moment.If the zone between 6446 and 6385 does not get broken on high volume bulls would again try to pull things up to test the index high again.
BANK NIFTY
The bank nifty is well set for a corrective downswing. These huge vertical rallies generally happen just prior to a correction. However, unless you see the range between 11500 and 11300 getting violated on heavy selling the current rally need not be curtailed. It needs to clear the important supply zone between 12203 and 12246 no sustained rally is probable. In case, it goes down it is likely to take support at 10933 through 10860 range. So long as this range is not taken out, we can expect the bulls to stage a comeback again since neither the Nifty nor the Bank Nifty has risen so far on negative divergence
The rise in Nifty has been very steep and almost vertical.It may open and go up, which is highly unlikely in the light as to what is happening in the asian markets.But a correction is very imminent at any moment.If the zone between 6446 and 6385 does not get broken on high volume bulls would again try to pull things up to test the index high again.
- Most critical level: 6492, its first support as well
- Strong support: 6446 – 6385
- Major support: 6362 – 6343
- Strong resistance: 6538 – 6549
- Major resistance: 6579 – 6604
BANK NIFTY
The bank nifty is well set for a corrective downswing. These huge vertical rallies generally happen just prior to a correction. However, unless you see the range between 11500 and 11300 getting violated on heavy selling the current rally need not be curtailed. It needs to clear the important supply zone between 12203 and 12246 no sustained rally is probable. In case, it goes down it is likely to take support at 10933 through 10860 range. So long as this range is not taken out, we can expect the bulls to stage a comeback again since neither the Nifty nor the Bank Nifty has risen so far on negative divergence
- Most critical levels: 11760 – 11685
- Strong Support: 11500 – 11300
- Major support: 10933 – 10762
- Strong resistance: 12203 – 12246
- Major resistance: 12538