Last week, we have seen a low volatile market, especially in Bank Nifty. Stocks are sluggish especially PSU stocks.
In today’s trading session, SGX is trading with a positive note and trading around 15890.
We are still waiting for a healthy breakout above 16000 levels which is a psychological level.
On Friday, we have seen a steep panic in the last hour of the market and that might be a trap. Stocks are showing sluggishness but still, the downside seems limited.
Nifty futures has support at 15700 and resistance at 16006
Below 15830, it could test 15780—15730. More and more downside panic we will see on a close below 15700 levels only.
Fresh buying or breakout we expect on a close above 16006 levels only.
Traders should remain cautious for the day. Keep an eye on healthy stocks.
On the other hand, Bank Nifty is also creating panic on the chart.
Bank Nifty has support at 34400—33900 and resistance at 35000.
Decisive break and sustain above 35000 will take it to 35250—35400 and then to 35750 levels.
Or it could test its support level of 34400—33900 again.
More and more downside panic we expect on a close below 33900 levels only.
Bank Nifty underperformed in the last few months while Nifty is trading near to its all-time high.
Traders should keep an eye on RBI policy which is scheduled from 4th August to 6th August. Expect good volatility in Bank Nifty throughout this week.
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