The index posting a much lower low around the 6700-mark or less and then bouncing back to close above 6750 signifying a short term bottom formation or else it closes around or below the 6700-mark indicating great weakness. If the latter option works out, we might see the index testing 6650 or it hits even the support zone between 6635 and 6618 shortly. Thus, price action during the day would be quite critical.
- Most critical levels: 6758 – 6784, this range would play a pivotal role showing strength or weakness in the market during the day.
- Strong support: 6719 – 6713
- Major support: 6650 – 6620
- Strong resistance: 6815 – 6820
- Major resistance: 6843 – 6863
The index should be able to stay above 13100-mark so that it can move further up . If it manages to hold above 13100-level, we can then expect it to move up and test 13176 and beyond that 13268 - 13327 range or even the level of 13435. On the other hand, any failure to sustain above the 13000-mark could pull it down to test a key support zone around 12853-level.As long as the Bank Nifty remains above 12787, there is no major threat to the bank bulls.
- Most critical levels: 13110 – 13010
- Strong support: 12853
- Major support: 12787 – 12750
- Strong resistance: 13116 – 13176
- Major resistance: 13268 - 13327