Yesterday nifty was corrected heavily again it breaks the strong level of 5700 last day of the week. The next important level to watch out for tomorrow intraday trading the Nifty support level would be 5585-5515, while the resistance level would be 5779-5903.
Over all market is down ward trend and not to hurry buy side. This is time to patient and wait for buying opportunity to come. On the other hand tightening norms by RBI like interest rate hike already discounted and reflected in the price. As a professional traders can go short but investors can wait till the buying opportunity arises, presently market is not for now.
Over all trend is bearish and finally it has broken Head and Shoulder pattern, thereafter Neckline support which indicate that in coming days it will test 5500,5300.
After the big correction rally in BSE SENSEX. The next important level to watch out for today intraday stock trading in BSE support would be18633-18600-18501, while the resistance would be 19000-19210.
CNX BANK NIFTY
After heavy correction in BANK NIFTY. The next important level to watch out for today intraday trading in BANK NIFTY support would be 10245-10057, while the resistance would be 10764-11095.
Overall trend is down once it was broken successfully 11000 and 10850......Above chart are suggested that more down side in coming days and first target is 9887, thereafter may test 9000-8500. Best way to avoid all banking stocks....
Higher level resistance 1040-1050 watch out.. down side support 1000 is a good base then 980-960 likely in coming days. Sell on rise strategy to be followed please with tight stop loss.