Nifty managed to close above its support level of 5580.

Today if the index manages to trade above 5612 it should look attractive for bulls and 5640 / 5670 are the levels we can expect to reach on the upper side. The level of 5600 is important, Nifty should close above this to ensure that the bulls are strengthen.

Below 5580, Nifty may go down till 5540-5550 levels.

Bank Nifty Future (Refer Chart - Bank Nifty)

Bank Nifty has been range bound between 11200 and 11300; if it breaks out on either side we can expect small rally in Bank Nifty.

Above 11300, the upper levels for Bank Nifty is 11360 / 11410 and below 11200, there can be a down side level of 11130 / 11090.

On a close base 11260 is important level and Bank Nifty has to close above 11260 for strengthening bulls.

Intra day calls

Jindal Steel
Buy at Rs 630
Stop loss at Rs 623
Target price of Rs 641

Reliance Capital
Buy at Rs 592
Stop loss at Rs 586.50
Target price of Rs 597.50 / 604

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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