If the Nifty gets past 6603, it will face the next important resistance around 6620-mark. clear this significant potential hurdle, it would head for 6650 – 6664-zone, its next set of resistance levels. While the bullish case is intact and quite strong given the end-of-day chart pattern, we still need to keep in mind that in case of any eventual profit taking buying demand is likely to come in between 6566 and 6540-range. Unless the index falls and closes below 6525, the current bullish overtone remains intact and any dip could be used by the bulls to create fresh positions.
- Most critical levels for the day: 6603 – 6620
- Strong resistance: 6650 – 6664
- Major resistance: 6717 – 6787; this is a formidable supply zone, unlikely to be crossed at first attempt whenever that happens.
- Immediate support: 6575 – 6566
- Strong support: 6540 – 6525
- Major support: 6473 – 6429
The Bank Nifty is likely to move up and test 12473 and once that level is taken out, its next target will be 12635. if there were to be any profit taking, the index would seek support between 12290 and 12244—unless this range is decisively broken by the index posting a close below 12180, all dips might be used by the bank bulls to make fresh commitments.
- Most critical levels for the day: 12430 – 12473
- Strong resistance: 12635 – 12797
- Major resistance: 12970 – 12992
- Immediate support: 12389 – 12345
- Strong support: 12290 – 12244
- Major support: 12111 - 11933