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GOOD MORNING ALL

Yesterday, the Nifty opened the day with a huge negative bias, extended the losses by noon time. Post noon the bulls got the act together and managed to erase the day’s losses to close the day flat.

For today, the Nifty is expected to open with a positive bias due to global cues. Strong support is at 11200 below which the Nifty can test 11100 level as well. Now the next resistance is at 11450 which will not be an easy task.

Keep a close watch on the volatility Index as well.

For the Bank Nifty, today is a very important day. The Supreme court is going to give its verdict and this verdict will decide the trend for the coming days and weeks. However, technically, Strong support now is at 22100. If the bank Nifty does not slip below this level after the verdict the Bank Nifty will see a sharp pullback which can take the Index to test 22800 – 23000. Post the SC verdict if the Bank Nifty slips below 22100, we are likely to see a blood bath in the Banking stocks which can take the Index to test 21900 – 21500 levels as well. Therefore, the make and break level for the Bank Nifty is 22100. Keep a close watch on this.