Yesterday, Nifty remained range bound between the levels of 5540 and 5580. Therefore, for today the level of 5565 is important. Trading above 5565 nifty will test the levels 5583/5615.
Nifty will find support at 5534 / 5522 / 5502.
A close above 5584 will be important to confirm bull run.
Bank Nifty Future (Refer Chart - Bank Nifty)
Bank Nifty has support at 11040 levels, although yesterday's low was 11035. If it holds above yesterday's low then we can expect a pull back in Bank Nifty. But if it breaks the level of 11035 then it will test the levels of 11005 / 10935.
Above 11110 Bank Nifty can move towards the possible high of 11150 / 11222 / 11266
Intra day calls
Buy above Rs 402
Stop loss at Rs 399
Target price of Rs 407.50
Buy at Rs 1936
Stop loss at Rs 1920
Target price of Rs 1956.62
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. You can contact him at firstname.lastname@example.org
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