Nifty did a break down below the critical level of 6487,but rose higher close just below 6500. there is a certainty of the index falling further given the chart pattern we now also see the that 6562 has also been the cap of the rally so far—this is amply demonstrated in the three out of last four sessions. Unless the Nifty stays above the 6500-mark, it is likely to test even lower levels of 6450 or even the 6425 – 6402 levels.
The Bank Nifty showed considerable strength yet failed to clear the critical range between 12203 and 12252 on closing basis .I t surrendered the gains in the last hour and closed 120 points higher over the previous close. Now, we need to watch out if it manages to stay above 12057 and 11931 or not. If it fails to do so then then it can go down to test 11762 – 11567 support area.
- Most critical levels: 6500 – 6487, its immediate supply zone as well.
- Strong support: 6455
- Major supports: 6424 – 6403
The Bank Nifty showed considerable strength yet failed to clear the critical range between 12203 and 12252 on closing basis .I t surrendered the gains in the last hour and closed 120 points higher over the previous close. Now, we need to watch out if it manages to stay above 12057 and 11931 or not. If it fails to do so then then it can go down to test 11762 – 11567 support area.
- Most critical levels: 12057 – 11931, its immediate support as well.
- Strong support: 11836
- Major support: 11762 – 11931
- Strong resistance: 12203 - 12252
- Major resistance: 12398 - 12525