It may look like a correction has already set in but one can’t be too sure since so long as the Nifty does not breach the 6650-mark, the bulls can again push it up. One needs to be sure that the market is likely to tank further else shorting the market could well prove to be disastrous for the investor. The index quickly regains ground today and stays above the critical zone between 6706 and 6713 levels, it is likely to fall further. There is quite a good buying support that is likely to come in between 6670 and 6641. A close below 6641 would be very detrimental for the market.
- Most critical levels for the day: 6706 – 6713,
- Strong support: 6671 – 6641
- Major Strong support: 6623 – 6571
- Strong Resistance: 6723 – 6737
- Major resistance: 6749 – 6791
Bank Nifty OutLook
The bank index did not show as much weakness as did nifty. It has taken support at its important 13-day EMA at 12441 and bounced back by more than 110 points at the closing of the session. At lower levels there is good buying demand as well. Once it gets past the 12700-mark, it is unlikely to look back!
- Most critical levels: 12586 – 12593, its immediate resistance
- Strong resistance: 12700
- Major resistance: 12754 – 12797
- Strong support: 12473 – 12444
- Major support: 12398 - 12354