For the last four days, Nifty Futures has always traded within the previous day"s high, meaning the day"s high did not manage to breach the previous day's high. Also the trade has maintained between the range of 5702 and 5616.25.
Therefore, a break below 5616 will be considered weak for market.
A trade above 5636 is important for bulls to make their presence felt.
Supports are – 5625 / 5606 / 5576
Resistances are – 5648 / 5666 / 5695
Bank Nifty (Refer Chart - Bank Nifty)
After five straight Blue candles Bank Nifty has closed in Red yesterday. Breaking yesterday"s low will lead further bear at the least for intraday.
Support levels – 11260 / 11190
Resistance levels– 11400 / 11460
Buy above Rs 855
Stop loss at Rs 845
Target price of Rs 868
Buy above Rs 1,445
Stop loss at Rs 1,435
Target price of Rs 1458.50 / 1467
Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.www.goodreturns.in
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