Nifty has strong support at 5490 levels. Closing below this level will lead till 5425. One can buy Nifty futures at 5490 levels with a stop loss of 5472 for the target of 5550. Above 5556, Nifty may take a fresh pull back, in which case we can expect 5490 levels in intraday.
Nifty levels for the day
supports – 5505 / 5472 / 5453
resistances – 5555 / 5585 / 5605
Bank Nifty Future (Refer Chart - Bank Nifty)
Yesterday"s low of 10975 will remain key support for Bank Nifty. On the downside the support can also be at 10950 levels.
It is important that Bank Nifty trades above 11150 as that would set the trend for bull. Only it remains above this can we expect a pull back rally at intraday levels.
Resistances – 11105 / 11150 / 11220
Supports – 11020 / 10975 / 10900
Intra day call
Buy above at Rs 1275.60
Stop loss at Rs 1265
Target price of Rs 1288
Buy at Rs 460
Stop loss at Rs 456
Target price of Rs 467 / 471
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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