Yesterday, Nifty futures slipped and made a low of 15751.10. Nifty futures formed an inverted head and shoulder patter on the top. Nifty futures has resistance at 16000. Fresh upside rally we will see on a close above 16000 levels or else it could test its support level of 15740 again.
Break and close below 15740 will take Nifty future to 15640—15580 and then to 15370 levels in days to come.
Who will save below 15370 levels???
FII’s are selling their stocks while most of the stock looks tired too at higher levels.
21 and 55 days simple moving average is at 15653 and 15096 respectively.
So at this stage, we recommend our subscribers to stay away from your long position or try to hedge (If break 15740 levels) your position in the market.
Bank Nifty will Break or Make in the month of July; Major hurdle at 36100
As seen in the chart, Bank Nifty too struggled in the range of 33900—35700. Bank Nifty stuck within a very tight range and chances are bright for a sharp move in the month of July. Bank Nifty is facing trendy resistance at 35300—35700 while it has major hurdle at 36100.
Break and sustain above 35300 will take it to 35600—35700 and then to 36100 levels.
Three consecutive close + weekly close above 36100 will take Bank Nifty to 41000+++ levels in days ahead or else it could test its support level of 34700—34400 and then to 33900 again.
21 and 5 days simple moving average is at 35163 and 33721 respectively.
Who will save Bank Nifty below 33900 levels???
Traders can trade safely as per levels given above. More we will update during market hours on our Whatsapp broadcast list.