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GOOD MORNING ALL

Yesterday, the Nifty opened the day with a positive bias and traded in a tight range for the first half of the day. However, the second half saw the nifty nose dive to test the given support levels. The Nifty closed the day just above the mentioned supports.

For today, the Nifty is expected to open with a slight positive bias due to global cues but these global cues were known to the market participants yesterday during our market hours. However, Strong support zone is at 11400 – 11350. If this zone is held the Bulls will be in safe hands. If this crucial support zone is taken out the next supports are now deep down at 11250 – 11200. Now the bulls will take control only when 11570 – 11600 resistance zone is surpassed.

Keep a close watch on the volatility Index as well.

The Bank Nifty is relatively weak as compared to the Nifty. However, the crucial support zone is at 22000 – 21900 which if broken will create panic and can take the index to test 21500 levels atleast. On the higher side, the main hurdle is at 22250, the  bulls need to clear this hurdle to display strength which can take the index to test 22450 levels.