NSE-NIFTY begun week on a strong note as the index jumped above its near-term resistance zone (10,650 mark) and rose to 4-months high invalidating prior indecisive formation. Due to breakout, major technical parameters turned in favour of bulls. As per the set-up, we believe the index will continue current up-move. This could lead the index towards its long-term moving average 200-day SMA (10,888 level) and then towards its psychological resistance point-11,000 mark. In case of fall, the index will initially find supports at around its upper band of the range and then around its 20-day EMA, which are placed at 10,440 and at 10,258 levels, respectively.
As for the day, support is placed at around 10,630 and then at 10,500 levels, while resistance is observed at 10,890 and then at 11,035 levels.
[07/07, 9:14 AM] Neeraj Kavi: NIFTY Levels:
NIFTY (Spot): 10764
SUPPORT 1: 10630
SUPPORT 2: 10500
RESISTANCE 1: 10890
RESISTANCE 2: 11035
Conditions Apply
BANK NIFTY Levels:
BANK NIFTY (Spot): 22199
SUPPORT 1: 21750
SUPPORT 2: 21400
RESISTANCE 1: 22500
RESISTANCE 2: 22760
Conditions Apply