Trendy Nifty future
Nifty futures unable to breach its support level of 15450 and bounced back sharply again but still not able to breach its resistance level of 16000 mark. Nifty futures settled around 15880.
Now, what next???
Nifty futures has resistance at 16000 while immediate support at 15700.
Three consecutive close + weekly close above 16000 will take Nifty to 16800 and then to 17500+++ level in days to come.
Or else it could test its support level of 15700 again.
Below 15700… Downside target looks 15620—15550 and then to 15400.
RSI is still showing strength on the chart.
The trend is positive and chances are unlikely to breach its support level of 15700 mark but trade safely as per the levels given above.
Trendy Bank Nifty
Bank Nifty too skyrocketed from lower levels. We clearly indicated that Bank Nifty has weekly support at 33900—33500.
Yesterday also we recommended buying above 35200 levels.
Now, what to expect???
Bank Nifty has resistance at 35700—36100 and support at 35000.
Break and sustain above 35700 will take it to 35950—36100 levels.
Three consecutive close + weekly close above 36100 will take it to 39000—41000+++ levels in days to come.
Or else it could test it’s support level of 35000 again.
Break and sustain below 35000 will see panic till 34600—34300 and then to 33900 again.
Trade safely as per levels given above as indices are trading near to their crucial resistance.
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