We have seen a downside panic in Nifty and Bank Nifty in yesterday’s trading session and our sell call in Nifty and Bank Nifty has proven great. Nifty future settled around 15694, down by 0.50%.
Now, what to expect???
Break and sustain below 15675 will take it to 15590—15545 and then to 15450 levels.
Crucial support at 15450—15370.
If it unable to break and sustain below 15675 then it could test its resistance level of 15760—15820 again.
Key resistance zone 15910–16000. Fresh upside rally we will see on a weekly close above 16000 levels only.
Recommendation: Traders can sell Nifty futures on the rise around 15740–15760 with stop loss above 15910 for the downside target of 15590—15545—15450
PCR suggests negative trend in Bank Nifty; Be cautious on expiry day
Bank Nifty PCR is at 0.68 which indicates that call writers are aggressive in Bank Nifty. Bank Nifty already under performed as compare to Nifty. Bank Nifty settled around 34610, down by 0.48%
What next???
Support at 34500 and resistance at 35000
Break and sustain below 34500 will take it to 34050—33900 and then to 33500 or else it could test its resistance level of 35000 again.
Above 35000, Bank Nifty could test 35300—35700. Major hurdle at 36100
Trade safely on the expiry day, Anything seems then surely we will update during market hours on our Whatsapp broadcast list.