The Nifty is still under pressure due to prolonged bearishness!

Technical View on Nifty

  • Nifty from the opening shows weakness and falls around 200 points from the high of 16223.
  • Now 15950-16000 will be the crucial support, close below that level bring down nifty till 15750-15800 in upcoming days.
  • Market breadth was very bearish as compared to nifty stocks, many stocks were trading down by 5-10% in today’s trading session.
  • Immediate resistance level 16200-16250.
  • Major resistance level 16400-16500.

Technical View on Bank Nifty

  • Bank nifty is showing strength, led by private banks, but public banks are not supporting the rally. Bank nifty is rising but failing to sustain at higher levels, closing with minor gains over the last two days.
  • Now bank nifty needs to hold 33950-34000 which is major support.
  • Bank nifty will show further rally if it will able to close above 34800.

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