Nifty (8027.70, +73.35, +0.92%)
The coveted level of 8000 is here and we have
seen a strong close above the landmark figure as
well. This is quite encouraging for the bulls.
Now, we are headed for 8081 for the Nifty unless
it falls drastically below the strong support
zone between 7982 and 7957. In case, there were
to be any selling now, unless the index goes
decisively below 7957 there wouldn’t be any
serious threat to the current uptrend. On the
way up, 8081 through 8127 would be the zone
where some fresh supplies are quite likely. We
tend to think, as in line with what we projected
some time back in recent memory—the index is
headed for 8300 through 8500 levels sooner than
later. However, beyond that, we should not be
project at the moment.
- Most critical level for the day: 8010
- Strong resistance levels: 8081 – 8127
- Strong support levels: 7982 – 7957
- Major resistance levels: 8220 – 8228 – 8309
- Major support area: 7885 – 7835
Bank Nifty (16012. 80, +272.40, +1.73%)
This index too posted an all-time high of 16060,
and it closed above the important level of 16000
as well: the banking sector looks decisively
bullish. Probably, it could lead to the Bank
Nifty entering the next bull phase from here.
Going by the chart pattern it seems as if the
bullish overtone is all too apparent. Only when
the index crosses 16093 through 16146 supply
zone it would be far better for the bulls.
Unless there is a breakdown below 15783, as of
date, the uptrend has considerable strength.
- Most critical level for the day: 15922
- Strong support: 15863 – 15826
- Major support: 15789 – 15196
- Strong resistance: 16080 – 16146
- Major resistance: 16130 – 16030
Note (1): Either on the long side or on the short
side if at any moment a counter is not moving
beyond an initial or interim target to the final
target book profits. Once initial target is
crossed, you can use that as your trailing
Rajat K. Bose
All prices relate to the NSE, unless
Calls are based on the previous trading
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The call is valid for the next trading
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