The index has turned very weak and broke the support level of Nifty 6700. Indications are there that even if there were to be any recovery we would see a further fall first. The extent of that could be just 6650 for a bare minimum or else we could see further lower levels. The level of 6648 assumes great importance—if this gets taken out bears will develop a vice like grip for the short.
- Most critical levels for the day: 6648, is its first support.
- Strong support: 6662 – 6645
- Major support: 6619 – 6572
- Strong resistance: 6666 – 6715
- Major resistance: 6748 – 6778
Bank Nifty (12563.15, -16.75, -0.1333%)
This index is, a lot less weaker! If it manages to take the Bank Nifty beyond the level of 12722, we would have a good chance to see a late rally. On the other hand, now, any sustained fall below the 12398-mark would bring in a lot more supplies and the index could then be headed for 12200 in the short run.
- Most critical level for the day: 12550
- Strong support: 12470 – 12402
- Major support: 12275 – 12225
- Strong resistance: 12630 – 12671
- Major resistance: 12722 -12855