Nifty And Bank Nifty Poised For An Interesting Week On The Backdrop of PNB Scam

The benchmark index Nifty opened gap up by 50points at 10596 and went on to make a high of 10613. Nifty took resistance of the previous day high and corrected sharply to make a low of 10434 levels. It witnessed selling pressure throughout the day and finally closed near to its low at 10452. The index has technically formed a bearish candle in the daily timeframe chart as it has consistently taken resistance of 10600 levels which was the 50 SMA in the last three trading sessions. The next levels of support would be the 100 SMA mark which is the 10388 level. And on the upside the levels of 10650 has played a vital role as a major resistance level. In coming days we could see the index trading between 10650 – 10300 levels until it closes below the 100 SMA mark.

Bank Nifty opened gap up by 88points at 25512 and went on to make a high of 25601. It took resistance of the previous day high and corrected sharply to make a low of 25101 levels. The index witnessed a selling pressure throughout the day and closed at to the day’s low at 25164. The index has technically formed a bearish candle in the daily timeframe chart as it has consistently fallen from 25750 levels which were close to the 50 SMA levels and also closed below the 100 SMA levels of 25415. The next support level for the index is 25000 and on the upside the levels of resistance would be 25400 and 25600 levels.

 

 

 

 

 

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