Global cues it appears that we are likely to open higher from the current levels around the 6500-mark; however, we need to be far more vigilant lest we get trapped on the way down. Immediately, the levels between 6490 and 6503 would be the first significant zone since this small range of 12 points could well act as speed breakers on a highway. Going upward beyond 6520, it is likely to face supply pressure between 6549 and 6562. In case, there is any downswing, it is likely to get able support between 6450 and 6402.
We would see a strong rally in bank stocks only if the index clears the range between 12235 and 12315 else we would see just range bound trading and whether that will become a consolidation or a distribution going forward. Unless the support range between 12055 and 11975, in today’s trading, gets decisively broken, we are not going to see any directional move on the downside either.
- Most critical levels for the day: 6490 – 6503
- Strong resistance: 6549 – 6562
- Major resistance: 6587 – 6603
- Strong support: 6471 – 6448
- Major support: 6414 – 6391
We would see a strong rally in bank stocks only if the index clears the range between 12235 and 12315 else we would see just range bound trading and whether that will become a consolidation or a distribution going forward. Unless the support range between 12055 and 11975, in today’s trading, gets decisively broken, we are not going to see any directional move on the downside either.
- Most critical levels for the day: 12055 – 11975
- Strong support: 12055 – 11975
- Major support: 11836 – 11738
- Strong resistance: 12235 – 12315
- Major resistance: 12430 - 12571