Today's important level is 5520, if the index manages to hold above this level then Nifty will test 5570 levels in intraday. Closing above the level of 5505 is good sign for bulls and we can use it, 5505 level, as positional stop loss for our long.
Yesterday the index touched a low of 5488. If this low does not break in this week then it will be strong sign for bull reversal.
Bank Nifty Future (Refer to chart - Bank Nifty)
Nifty Future has bottom level support of 10850, if it holds here we can expect pull back from this level. risky traders can buy at 10850 levels with stop loss of 10790.
supports – 10870 / 10790 / 10740
resistances – 10980 / 11024
Intra day calls
Sell above Rs 232
Stop loss at Rs 234.20
Target price of Rs 227.50/224
Buy at Rs 958
Stop loss at Rs 951
Target price of Rs 968/978
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.money.oneindia.in. You can contact him at firstname.lastname@example.org
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