Nifty (6675.30, -57.80, -0.85%)
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.
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.
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