Nifty: The index pulled back as expected and halted at 10270. Though good volumes were not attributed to the move up, the next resistance level for Nifty is placed at 10370 & 10435 levels. If longs were created at lower levels, profits can be booked near the resistance levels. However a weak move at 10270 levels will be sellers paradise and move below 10100 will be a signal that Nifty is starting a fresh leg down.
Bank Nifty – The index has a good resistance levels at 24500 zones. A move above these levels Bank Nifty may push to 25000 levels.
The RSI is hovering at bullish extreme levels. If the price action turns negative at 24500 levels and moves down 24150 the index may start down moves again to test 23630 and 23390 levels.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA
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