Needs to get past 6836 decisively in order to really show any further significant move. As we noted yesterday, even if we see the Nifty getting past 6836, we can’t be too sure of its going up unless it clears the range between 6844 and 6856 firmly with a lot of fresh position build-up and a high percentage of trades being marked for delivery—a tall order by any reckoning. Odds are stacked against the bull very heavily yet we must note that unless the Nifty falls below 6782 through 6768 support area, we won’t be able to say that a probable correction is taking shape.
- Most critical levels: 6816 – 6836
- Strong resistance: 6844 – 6856
- Major resistance: 6939
- Strong support: 6782 – 6768
- Major support: 6727 – 6674
The Bank Nifty hit a resistance—at 13003: the intraday high was at 13002.75. It shows that the major resistance has been tested but the bulls have not got the better of it. It must be able to get past that level so that the higher target levels of 13055 through 13176. In case, there is any profit taking in the market, watch out for downside levels of 12835 to 12792 for any breakdown below this range. The bank stocks would be quite weak then.
- Most critical levels: 12955 – 13003
- Strong resistance: 13055 – 13176
- Major resistance: 13327 – 13431
- Strong support: 12835 - 12792
- Major support: 12515 – 12329