INTRADAY NIFTY STOCK : In the last week as expected Nifty unable to cross 5950 level and started down ward journey and finally tested again 200 DMA level of 5716 and closed above that level. Over all trading range is 5700 to 5950. Near term trend is down but still hold 200 DMA level. Close below will invite some correction in the market and likely test 5600-5575-5550 in near term, higher level resistance of this week is 5790-5835. Failure to first resistance to selling opportunity only. Real move in the market above 5950 if successfully crossover.
Today : At the end of the week Nifty opens flatly. And showing volatile situation in the market and close negatively. Now the support and resistance for the intraday support is 5705-5688-5641 and resistance is 5790-5815. Selling will be intensified if Nifty trading below 5700 level....
BSE INTRADAY : Last week as mentioned this column that Index will face resistance 19650-19850 and unable to cross and some profit taking were saw and finally made a wipe out 466 points and closed at 19135 , but managed to hold 19000 level. Now time to closely watch support 19000 19100 zone which is a significant support zone . Decisively break will test 18700-18500, whereas the resistance of this week is 19250-19435 . A strong close above 19800 will cheer the market .
Today : Consider support 19000-18951 is a support range....decisively break and trade below further weakness, higher level resistance continue 19356 and it will show strength only above that level.
CNX BANK NIFTY TIPS :As expected last week big sell off were saw and unable to hold 11950-12000 level which is near to 200 DMA level. In the last trading session finally it was broken support level and made a low of 11431. Short term trend is down with consider support 11250 and major support 11000 range. Remember Banking stock will out perform in coming months.
TODAY : At the end of the week Bank Nifty opens flat too negatively and it was showing some volatile situation in the market. At the end it closes negatively. Now the important level to watch out for intra working resistance 11535-11686 and support is 11413-11294.