For the last 4 weeks, Indices are trying to breach the resistance level of 16000 and 36100 respectively in Nifty futures and Bank Nifty futures but unable to breach because of selling pressure at the top. FII’s sold more than 6000 crore value of stocks in the last 6 trading sessions.
Trendy Nifty Futures
Nifty futures has support at 15450 and resistance at 15800—16000.
Nifty futures looks weak below 15675 and could test 15540—15500 levels. More and more downside panic we will see on a close below 15450 levels only.
Three consecutive closes + weekly close below 15500 will see a sharp downside panic till 15150—14900 and then to 14500 levels.
Buying around 14500 levels will be the best buying opportunity in Nifty futures. We don’t expect Nifty futures to break the support level of 14000 in near terms.
Whatsoever, fresh upside breakout we will expect in Nifty futures above 16000 levels only.
The overall trend is highly positive and we have to see whether Nifty future will break the support level of 15500 or not??
Traders can take a small risk and buy Nifty futures in panic with strict stop loss below the support level of 15500 on a closing basis.
Trendy Bank Nifty Futures
Bank Nifty futures hovering in the range between 34000—36000. This week, Bank Nifty futures settled at 34971.05.
Bank Nifty has support at 34500—33900 and resistance at 36100
Break and sustain below 34900 will take Bank Nifty futures to 34600—34500 and then to 34200—33900 levels.
Short-term downside panic we expect in Bank Nifty futures on a weekly close below 33900 levels only.
Above 35100… Catch Bank Nifty futures with stop loss below 34900 for the upside target of 35400—35550—35800—36100.
Traders remain cautious in Bank Nifty at lower levels because there is no major trend reversal signal on the chart.
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