Market Trading In A Range

Nifty the benchmark index opened gap down today by 47 points and saw a flattish buying momentum towards 10400 levels. But again we have seen selling from the levels of 10400. The index is now taking a support of 10300 levels and a resistance of 10425 – 10500 levels. Nifty in the February expiry has fallen by 896 points from its highs and closed at 10384, by respecting the support of 10300. From here onwards we need to see that will the 10300 level break and take support at 10000 levels or will the index go to 10450 – 10600 levels on the upside. The reaction points on downside are 10300 and 10600 on the upside.

Bank Nifty opened gap down by 137 points at 24813 levels and saw profit booking after making a low of 24782 and went on to make a high of 24987 which was close to the 25000 levels. The index has continuously making new lows from 25800 levels until and unless we see a close above previous day high in the daily timeframe of the chart the buying momentum won’t be seen in the index. So on the downside the support is 24600 levels and on the upside 25200 – 25450 levels will act as resistance.

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