Nifty weekly wise earned 30 points over the previous week. For today, the level of 5648 will be important. Trading below this level would indicate bears hold on the the market. For bulls to make their presence felt it must trade above 5692 level, that is important.
Supports are – 5642 / 5631 / 5612
Resistances are – 5692 / 5711 / 5742
Bank Nifty (Refer Chart - Bank Nifty)
Opening session is important for intraday levels. Below 11275 will signify weakness for Bank Nifty.
Supports are – 11260 / 11230 / 11190
Resistances are – 11370 / 11410 / 11480
Market took a correction note on Friday's closing session. Only based on today's opening session can we confirm whether it will continue or will it reverse. Most of the stocks have closed positively on the weekly base of July 1, close as stop loss for your long position.
Sell below at Rs 1,987
Stop loss at Rs 1,987
Target price of Rs 1,960
Sell below Rs 2,550
Stop loss at Rs 2,570
Target price of Rs 2,525
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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