Nifty – The index closed into indecision. The intentions of the market players were not clear. The spinning top suggests no zeal from the market players. The hourly RSI is oversold while the prices are taking resistance. 10270 levels are good supply zones.
Nifty is expected to face major resistance at those levels. A bearish action at these levels may push Nifty down further to 10060, 10010 and 9890 levels. If Nifty moves up from the 10270 levels and posts a close above these levels then the index is expected to move to 10430 levels.
Bank Nifty – The index is taking resistance at the upper channel. A consolidation is forming and the RSI is hitting the bear market extreme. 24510 is a supply zone.
If a bearish bar forms at these levels, Bank Nifty is expected to drift down to 24000, 23900 and 23700 levels. However a close above the 24510 levels may lead it to 25000 levels.
Bharat Jhunjhunwala MFTA, CFTe, CMT, MSTA