The Nifty today has to cross the 6192 to 6214 level today for the bulls to get a strong grip on the market.If they do so so then we could see 6244 and 6260 levels, failing which then profit booking would come in and then we could see levels as low as 6141 or even lower.Then a bounce back from there provide it is held there.
The Bank Nifty needs to stay above this level of 10682 and scale up. Once it sustains above 10708, it is likely to gather momentum and move up beyond 10750 to test the next resistance zone between 10774 and 10783 nce crossed we could see the destination target of 10940.If a profit booking happens and it goes down to the support level of 10595 to 10540 then the bulls will be able to bring it back up.
The obvious thing is to be cautious in the morning and see where the nifty is heading, whether it is able to cross the 6194 to 6215 range clearly, failing which it would be a good idea to get on the 6300 put which could see it going up to 70 rupees level if the market corrects and a fall is eminent.
- Most critical levels for the day: 6193 – 6212, its immediate resistance
- Strong resistance: 6244 – 6259
- Major resistance: 6287 – 6310
- Strong support: 6158 – 6141
- Major support: 6118 – 6091
The Bank Nifty needs to stay above this level of 10682 and scale up. Once it sustains above 10708, it is likely to gather momentum and move up beyond 10750 to test the next resistance zone between 10774 and 10783 nce crossed we could see the destination target of 10940.If a profit booking happens and it goes down to the support level of 10595 to 10540 then the bulls will be able to bring it back up.
- Most critical levels for the day: 10682 – 10708
- Strong resistance: 10774 – 10783
- Major resistance: 10926 – 10950
- Immediate support: 10660 – 10625
- Strong support: 10598 – 10546
- Major support: 10496 - 10458
The obvious thing is to be cautious in the morning and see where the nifty is heading, whether it is able to cross the 6194 to 6215 range clearly, failing which it would be a good idea to get on the 6300 put which could see it going up to 70 rupees level if the market corrects and a fall is eminent.