Nifty the benchmark index opened flat at 10391 on Tuesday and just gave a movement of 81points in the whole trading session. Nifty has somehow taken a silent sleep new the 100 SMA mark of 10398 which seems to show that the support of 10300 is playing a vital role. And on the upside the levels of 10600 will be a major resistance level for the index. Nifty has made an inside bar candle in the daily chart, this normally happens after a massive move. And in the past two trading sessions we have seen the index moving from 10600 to 10300 levels. Thus, with the expiry to come in few days we can see volatility in the market.
Bank Nifty opened flat 25106 on Tuesday and gave a movement of 291 points in an intraday session. The banking index is however correcting from 25600 levels in the past few sessions on the news of “PNB fraud scam”. According to our Strategic Technical Analysis bank nifty can give a sharp move on the upside until it closes below 24600 levels. And on the upside we see 25250 – 25400 levels as resistance level.