The Nifty stayed above the most critical levels of 6291 through 6312 for most part of the session, it failed to test the next strong supply zone between 6338 and 6370: the intraday high of 6636 was a tad less than the lower boundary level of 6338.The Ominous sign is that the PSU banks always rally at the end of a bull run, and with the hanging man and as some say a doji drgaon fly happening on the charts says a different story.
- Most critical levels of the day: 6336 – 6365, its immediate resistance as well
- Immediate support: 6312 – 6295
- Strong support: 6271 – 6243
- Major support: 6229 – 6207
- Strong resistance: 6398 – 6415
- Major resistance: 6448 – 6478
THE BANK NIFTY
It can surely pull up the Nifty as well if it were to get past the critical resistance zone between 11176 and 11252. If it manages to do so then we might even see higher levels. Once this range is taken out the next strong supply zone is located between 11317 and 11393. In case, there were to be any profit taking unless the bank index falls below the important support area between 10920 and 10876.
- Most critical levels for the day: 11176 – 11252, its immediate resistance zone as wel
- Immediate support: 11047 – 11003
- Strong support: 10920 – 10876
- Major support: 10778 – 10690
- Strong resistance: 11317 – 11393
- Major resistance: 11505 - 11578