GOOD MORNING ALL
Yesterday, the Nifty opened with a positive gap and then kept clocking higher tops and higher bottoms to close the day around the days high. Once the Bank Nifty broke the mentioned resistance the Index delivered strong momentum.
For today, the Nifty is expected to open with a positive bias on global cues. Strong support exists at 11420. On the other hand, the immediate strong resistance is at 11500 which is the derivative data hurdle. If this level is taken out and sustained we will see a very strong short covering rally.
For the Bank Nifty, yesterdays breakout was very important. Now, for today the Bank Nifty has a strong support at 22700. If this is protected the Bulls would be in command. However, they will thrive if the next resistance which is placed at 23000 is taken out.