Nifty
The weekly chart has also given a sell signal this time. The charts,when viewed with weekly data,shows the possibility of further downswing. Unless the market recovers quickly and crosses the 6750-mark for a start, the weakness continues. We need to see , the index getting past and maintaining above 6708 – 6724 range for this is the most critical zone to observe in a case of a downfall .
Bank Nifty
The range between 12797 and 12832 is would act as the most critical zone. If it is able to stay above this zone, it may move up with strength else any failure to stay above this zone would mean a retest of 12738 or even lower levels of 12668 – 12635. Only when the index crosses 12995 – 13010, the bears would be on the retreat.
The weekly chart has also given a sell signal this time. The charts,when viewed with weekly data,shows the possibility of further downswing. Unless the market recovers quickly and crosses the 6750-mark for a start, the weakness continues. We need to see , the index getting past and maintaining above 6708 – 6724 range for this is the most critical zone to observe in a case of a downfall .
- Most critical range: 6708 – 6724
- Next strong resistance: 6737 – 6752
- Major resistance: 6776 – 6786
- Strong support: 6668 – 6646
- Major support: 6617 - 6603
Bank Nifty
The range between 12797 and 12832 is would act as the most critical zone. If it is able to stay above this zone, it may move up with strength else any failure to stay above this zone would mean a retest of 12738 or even lower levels of 12668 – 12635. Only when the index crosses 12995 – 13010, the bears would be on the retreat.
- Most critical zone for the day: 12797 – 12832
- Strong resistance: 12880 – 12905
- Major resistance: 12995 – 13010
- Strong support: 12797 and 12738
- Major support: 12668 - 12635