Nifty
The levels between 6841 and 6857 would assume great importance since crossing this range would require solid delivery based buying from the FIIs. Else, we may see the index coming down, may be quite sharply as well. On the downside, unless the levels between 6799 and 6784 are taken out by the bears only then there could be some cause for concern.
Bank Nifty
The pattern on the daily chart is very similar to the one we have on the Nifty. Either, there should be a range breakout or, it goes back into the consolidation mode. If it were to show bullishness then it should not fall below 12911 and 12857. Upside targets beyond 13055 would be 13176 and 13327. Chances are there will again be a range bound market, at least for the day!
The levels between 6841 and 6857 would assume great importance since crossing this range would require solid delivery based buying from the FIIs. Else, we may see the index coming down, may be quite sharply as well. On the downside, unless the levels between 6799 and 6784 are taken out by the bears only then there could be some cause for concern.
- Most critical levels: 6841 – 6857
- Strong support: 6799 – 6784
- Major support: 6740 – 6688
- Strong resistance: 6892 – 6902
- Major resistance: 6939 – 6956
Bank Nifty
The pattern on the daily chart is very similar to the one we have on the Nifty. Either, there should be a range breakout or, it goes back into the consolidation mode. If it were to show bullishness then it should not fall below 12911 and 12857. Upside targets beyond 13055 would be 13176 and 13327. Chances are there will again be a range bound market, at least for the day!
- Most critical level: 13040 – 13055
- Strong resistance: 13127 – 13176
- Major resistance: 13327 – 13440
- Strong support: 12911 – 12857
- Major support: 12797 - 12646