Nifty and Bank Nifty futures were not able to breach the resistance level of 16000 and 36100 levels respectively. On Monday, we have seen a gap-down opening in the market and then traded sideways with negative bias. Watch our morning Nifty and Bank Nifty levels carefully. FII selling pressure continues which creates panic in the mind of traders and investors.
Our buying recommendation in Orient Electric has proven great.
Hope you all minted money in it…
Nifty futures; Last close 15752.40
Below 15705… Downside target looks 15670—15640 and then to 15550 levels in days to come
More and more downside panic we will see on a close below 15550 levels only
On the other hand, Nifty has resistance at 15840
Decisive break and close above 15840 will take Nifty futures again to 15920—15950 levels
Will it break 16000 levels or not ???
Take a risk and buy Nifty futures around 15640 with stop loss below 15450 on a closing basis for the upside target of 15840—15920—15950.
Bank Nifty Futures; Last close 15170.75
Doji pattern on the daily chart after a steep gap down opening.
Below 34950… The downside target looks 34600. More and more downside panic we will see on a close below 34600 levels only.
or else it could test its resistance level of 35500 again.
Decisive break and sustain above 35500 will take it to 35800—36000 levels.
Will it break 36100 levels or not ???
Traders can trade safely as per the levels given above… More we will update during market hours.