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Wednesday, October 4, 2017

04-10-2017 - Index views



Hello & Good evening !


NIFTY : 9930.45

As we have mentioned in our previous post, there is a strong resistance & support zone at 9880 & 9700 and any big move is possible once crosses these important levels. the result is in front of you all. Once we crossed 9880, we sustained the gain and then the NIFTY made a high of 9954 & closes at 9930.45, a stronger close. Now there is a very stiff resistance at 9960 to 9990 zone. It must cross & stay above that level for a day at least for any further strong up move. in case of any weakness one must keep 9860 / 9840 levels in mind while trading long in NIFTY. These are the key levels and once broken sustainably, may start the downward journey once again to test the recent lows. So caution is expected in that case. Else, the uptrend continues for 9990 and more also if it sustains the 9990 level on closing basis for the couple of days.

BankNifty : 24,145.40

Comparatively, BankNifty is weaker than NIFTY. In my previous post, I have mentioned the levels of resistance & support. Amazingly, it almost touched the resistance mentioned in my post & came back. The levels of 24,270 / 24,300 as resistances & 24,000 as a support are still intact. One may look for these levels & keep it handy for any positional trades.

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