It was tough day
for bulls. Nifty future has opened at 11715 but bulls could not continue the
good start as nifty dropped till the level of 11640 but at the end bulls again
came in to the picture and managed to settle above the support level 11675. Bank
Nifty remained highly volatile due to monthly expiry but managed to close above
28100. It formed a Bearish Candle on the daily scale and formed a triple top
pattern after finding hurdles multiple times near the 28330 -28380 zone. The
index has been consolidating between 27775 and 28380 levels for last four
weeks.
The nifty future
formed a Hammer candle on the daily scale, which indicated that the decline
again got bought into but the immediate hurdle at 11780 is restricting its
momentum. Now, Nifty has to decisively hold above 11650 to extend its move
towards 11780 while a drift below 11600 could change its short-term price behavior. Banknifty
future have to hold above 28100 to
extend its gain towards 28300 and then 28400 , while a hold below 28000 could
help it retest its immediate support at 27700.
RESISTANCE: 11780, 11850
PIVOT POINT: 11650
SUPPORT: 11600, 11550
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