Market Trend
NIFTY – CMP 6517
Synopsis
• Nifty opened with a flat bias & traded range bound with sellingpressure on higher levels & finally closed almost flat for theday.
• Going forward, Till Nifty holds 6480, it can move upto 6570-6580 zone where it will face high resistance. Index RSI isapproaching 70-75 which is a sign of overbought condition.
• If Nifty breaks 6480 support zone, then 6430-6420 would beretested.
• Daily as well as Weekly Momentum is in positive indicatingbuying support on all dips.
Bank Nifty – CMP – 12024
Synopsis
• Bank Nifty opened with a negative bias & traded rangeboundwith selling pressure on higher levels & finally closed 0.1%negative.
• Going forward, till it holds 11,900, it can move upto 12,400zone where it will face high resistance.
• If breaks & sustains below 11,900, would fall upto 11700-11750.
• Daily as well as Weekly Momentum is in positive indicatingbuying support on all dips.
