The index closes weak since its finishing level has been below the critical support level of 6487; either it quickly gains ground this morning and moves firmly above the 6500-mark or else it slides further down. While the chart pattern seems to suggest the greater probability of the latter option panning out yet we can’t be too certain of a fall since the sway of the bulls over our market is not totally over even in the short term. However, so long as the selling pressure does not pull it down below 6454 through 6441 range on closing price basis, the bulls would retain their ability to post a bounce back at any given opportunity.
The bank nifty looks far more vulnerable than , the Nifty. It is now fairly clear that crossing 12250-mark decisively may not happen so easily. It is likely to see lower levels first than post any major gain on the higher side. Unless the index crossing the important hurdle between 12056 and 12076—we may not see any serious attempt at a recovery. We anticipate further fall in today’s session notwithstanding any great performance by the US market since we are so different in terms of our near term economic outlook with that of America.
- Most critical levels: 6500 – 6487
- Strong support: 6454 – 6441
- Major support: 6425 – 6415
- Strong resistance: 6516 – 6530
- Major resistance: 6549 – 6562
The bank nifty looks far more vulnerable than , the Nifty. It is now fairly clear that crossing 12250-mark decisively may not happen so easily. It is likely to see lower levels first than post any major gain on the higher side. Unless the index crossing the important hurdle between 12056 and 12076—we may not see any serious attempt at a recovery. We anticipate further fall in today’s session notwithstanding any great performance by the US market since we are so different in terms of our near term economic outlook with that of America.
- Most critical levels: 12056 – 12078, its immediate resistance as well
- Strong resistance: 12236 – 12317
- Major resistance: 12387 – 12603
- Strong support: 11965 – 11922
- Major support: 11835 - 11707