NSE-NIFTY begun brand new week/month on a strong note, as the index rose to two and half month high continuing prior daily up-trend. Due to consecutive rise in NIFTY, its oscillator tested the overbought zone, but we believe that undergoing positive momentum will continue as the index has given a breakout above 9,600. This will lead NIFTY towards its long-term moving average (100-day SMA), which is placed around 10,400 mark. On the lower side, the index will initially find support around its medium-term moving average (50-day EMA) and then around its short-term moving average (20-day EMA), which are placed around 9,467 and 9,274 levels, respectively.
As for the day, support is placed at around 9,730 and then at 9,600 levels, while resistance is observed at 9,970 and then at 10,150 levels.
[02/06, 8:31 AM] Neeraj Kavi: NIFTY Levels:
NIFTY (Spot): 9826
SUPPORT 1: 9730
SUPPORT 2: 9600
RESISTANCE 1: 9970
RESISTANCE 2: 10150
Conditions Apply
BANK NIFTY Levels:
BANK NIFTY (Spot): 19960
SUPPORT 1: 19350
SUPPORT 2: 18850
RESISTANCE 1: 20200
RESISTANCE 2: 20550
Conditions Apply