Yesterday, NIFTY touched a low of 5262.30 where as we said that the support would stand at 5260. Meanwhile we has recommended a buy above 5300 with a target of and it made high of 5337.
One the stock we had recommended State Bank of India, with the 2136 levels. On the intraday the stock had touched its low of Rs 2136, just as we had stated. (you can see yesterday's recommendation here)
Nifty Futures View (Refer Chart:- Nifty end of day)
NIFTY EOD (end of day) chart forms Bullish Engulfing. So again at bottom level we have to wait for bullish reversal confirmation. So far, 5306/5282 are bullish confirming points as per chart. If Nifty does not touch the low of 5282 and it also manages to close above 5340, then it will be the bullish confirmation and we can expect 100 Points rally from here.
If there is advance is weak and there is also a decline in ratios, on top of that it fails to cross 5340 levels then it will be the negative sign for the Bulls in the market.
Nifty Levels for a day:
Supports: 5305 / 5285 / 5253
Resistances: 5325 / 5344 / 5376
Bank Nifty Future (Refer Chart: - Bank Nifty end of day)
Triple bottom has formed at 10445 levels in Bank Nifty EOD. Therefore, a Bullish Engulfing at swing bottom may make way for the bullish reversal.
Trading above 10554, it may show the potential to take us to 10599/10672
If it is trading below 10450, then it will form the Triple Bottom at 10445, the support for this level would be around 10380/10335.
Bombay Dyeing Futures
Buy at Rs 334.50
Stop Loss Rs 331
Target Rs 340/ Rs 346
Buy at Rs 498.50
Stop loss Rs 494
Target Rs 503.50 / Rs 511