Nifty has posted a high within the striking range of the 6700-mark, it touched 6673.95 and came down in profit taking almost at thE end of the last trading session. While the profit taking does suggest some supply coming in at higher levels, we have to keep in mind that unless the Nifty falls below 6612 through 6590 potential demand zone, the market will bounce back and bulls would continue to hold the reins. On the upside, the range between 6667 and 6680 is worth watching as a supply zone, which if crossed with significant rise in buying volume might see the Nifty testing the major resistance zone between 6717 and 6787-levels.
- Most critical levels for the day: 6612 – 6590, its immediate support range as well
- Strong support: 6573 – 6549
- Major support 6465 – 6444
- Strong resistance: 6667 – 6691
- Major resistance: 6717 – 6787
The Bank Nifty fell towards the end by more than 150 points — this shows the vulnerability of the bank stocks. They are volatile , besides that it could not close above 12646 after testing the significant hurdle around 12760¸ If the index gets past 12646-level then things may turn to normal. On the downside, however, 12392-is a strong support.In any case, for this current movement, we have to keep in mind that unless the index falls and closes below its 13-day EMA currently located at 12147--the intermediate uptrend can’t be considered as terminated.
- Most critical levels: 12635 – 12646, its immediate resistance zone
- Strong resistance: 12767 - 12818
- Major resistance: 12949 - 13020
- Strong support: 12473 – 12392
- Major support: 12290 - 12147