As observed on 8-1-2018 Nifty reached 10900 level & closed exactly at resistance level , also facing high resistance level at 10915. I may be wrong, but keeping 10400 level of Nifty as a a base , i assume market is making its last leg of rally, especially on Bank Nifty.
Possible Resistance & Support levels for Indices are…
Nifty Resistance 10900 / 10915 / 10935 / 10978 Support levels being 10890 / 10865/ 10822 / 10754/ 10710 -717 / 10665
Bank Nifty resistnce being 27291 / 27101 / Support levels being 26765 / 26577/ 26477 / 26006/ / 25966 /
I hope this post will be a last post on this thread … Cheers!!!
Well Union Budget being a big event to the start of new Financial year , today"s budget is being good one , balanced and at least some kind of fair play to the stock market traders with regards to LTCG , but regards to STT, Budget being a dissapointing one for traders.
as i mentioned in the last post on 20-1-2018 it seems market has done its last leg of rally, Since market did not fall as much anticiapted during Budget day , but after going through the charts & indicators , it seems that market may correct to a possible level of 10500 keeping 10845 and todays low of Nifty level 10878 as supports . It seems there is a gap between 10500 to 11200 levels & needs to be correct . Bank nifty is more negative compared to Nifty. sectors like FMCG & Auto may not correct as much , sectors like COMMODITY/ MIDCAP / PSU BANKS/ SMALL CAP/ . PHARMA Sector was bottoming out , but news from USA & wrong news interpretation by the Media, spolied the pharma stocks.
Sector leaders like Relaince, SBI & HDFC Banks are in correction mode. Tomorrow will be a important day , as it may show the direction of the market going forward , now the threat to market is Mutual fund redemptions depends upon the investors mood tomorrow onwards.
Resistance level for Nifty being 11022/ 11059 / 11130 Support level being 11005 / 10960/ 10946-45/ 10930/ 10921/ 10870/ 10791
Bank Nifty Resistance level being 27271/27373 Support level being 27093/ 27015/ 26972/ 26950/ 26866
This will be the last post on this thread and if i want to post , in future , if possible , i will start another thread
Take care!!