Nifty
:
Nifty
has closed at 7113.10, huge 1.80 % down with 117 points. Yesterday mentioned
that the close is exact at resistance which is worrisome and concerning. We
have seen the impact today. As stated, 7100 is a short term support & 7230
/ 40 is a short term resistance. any side close, will create a small momentum
in that direction. As of now the close suggests weakness. A sustained trade
& close below 7100 may drag Nifty towards 6980 & further down also.
7230 / 40 seems far as of now as there are no visible triggers on the horizon.
Even if it jumps 100 points back, sustainability will be an issue. Still it is
in the said range of 7100 & 7230. Again today it has closed almost at
support. Please trade keeping this range & levels handy while trading.
Bank
Nifty :
Bank
Nifty closed at 14,010.50, Bank Nifty hugely down 2.70 % with nearly 400
points. It has given up all the gains of four days, in a single day. And this
is not a good sign for bulls for sure. It has again closed at the dot support.
A sustained trade & close below 14,000 may take Bank Nifty towards, 13,800
& 13,400 initially. 14,000 / 14,100 is a zone, which has to be cleared on
closing basis for any good up move. One may keep these levels handy and trade in
case of rally happens, on a successful close above 14,100, 14,300 is a probable
target, which is again a remote possibility as the scenario is bearish &
trend seems down.
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