Yesterday, we have seen a good upside move in Nifty and Bank Nifty but still struggling to breach the resistance level of 16000 in Nifty 36000 in Bank Nifty. Continuous selling pressure from FII’s created panic but seems that DII’s are holding Indices. FII’s are the net buyer in the future segment.
Nifty Futures; Last close 15869.05
Nifty future has hurdle at 15926—15961
Looks positive and could test its resistance level of 15903 and then to 15926—15961 levels.
Major hurdle at 16000
Fresh upside rally we expect on a close above 16000 levels only. Three consecutive close + weekly close above 16000 will take it to 16800—17500+++ levels in days to come
Or else it could test its support level of 15845—15811—15776 again
Fresh downside panic we will see below 15776 levels only
Traders can trade safely as per the levels given above… Expect volatility in the next 2—3 trading sessions.
Bank Nifty; Last close 35755.60
Bank Nifty has resistance at 35950—36100.
Will it break 36100 or could test its support level of 35500 again???
Three consecutive close + weekly close above 36100 will take it to 39000—41000+++ levels in days to come or else it could test its support level of 35500 again.
Decisive break and close below 35500 will take it to 35050—34900 levels.
Trade safely as per the levels given above.
Trendy Stock- DHANI
Grab Dhani in the range of 212—210 with stop loss below 205. Target looks 228—236