Nifty the benchmark index opened flat at 10480 levels on Thursday. The index then went up by 46 points to make a high of 10526 and sharply came down to the levels of 10450 levels to the 100 SMA mark and closed at 10458. In the hourly timeframe chart of the index we can easily see that 10600 has been a resistance zone and 10300 has already acted as a support zone for the index. Hence forth we need to wait and see if there is a further fall in price or the index breaks the support of 10300 levels too. According to our Strategic Technical Analysis it’s been almost four weeks that the prices have been within 10300 – 10600 levels. Thus a further fall will bring in more pain and come down to 10200 – 10110 levels, and buyers in the market can only be stronger when the index closes above 10650 levels.
Bank Nifty opened 85 points gap down at 25022 levels on Thursday. Then index after opening had seen a 200 points move on the upside and then fell sharply to make a low of 24854 levels and then closed at 24903. In the hourly timeframe of the chart the index has shown price rejection at 26200, 26000, and 25800 levels where it has almost made lower highs and the support zone for the index has been 24750 levels where we have always seen a bounce back in the price whenever it has corrected. It has been almost four weeks that the index has resistance of 26000 levels and support of 24750 levels. The buyer will only take control of the market until and unless the index closes above 26000 levels.