Technically Nifty is weakening. Only if it closes above 5600 can we see a bull strength in market. if Nifty breaks yesterday's high then it may gather the momentum required to go till 5680 levels.
But trading within 5580 levels indicates bearish sentiment. The bears will definitely have an upper hand in the market, below 5560 nifty future may test 5500 levels.
Bank Nifty Future (Refer Chart - Bank Nifty)
Yesterday's Bank Nifty has maintained a price range between 11200 and 11300. It even formed Doji in end-of-day chart. Breaking out of either side will lead to fresh rally. We can expect a minimum 100 points to change.
On close base Bank Nifty will be strong only it closes above the level of 11270.
Intra day calls
Buy above Rs 164.25
Stop loss at Rs 162.30
Target price of Rs 168.30
Buy above Rs 2,484
Stop loss at Rs 2,463.50
Target price of Rs 2,515
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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