#Nifty
Get Ready for some chopping action as market facing hard resistace at 8540 - 8580 levels. A NO from RBI was not inline with expectations, Market did react very well to this surprise. Open High and remain all day below the level of 8565 was a bit concern for Bulls. Range locked in at 8580 - 8300 for short term. Still Weekly close will be very crucial. Still in Bullish Territory so not much to worry about. Banking Stocks holding very strongly as Finance Ministry gave boon of 70,000.00 Cr for ailing PSU Banks.
Market is a good buy on correction around 8300 - 8280 levels. View - Sideways to Bullish
Important Levels in Nifty -
Highs - 8580 - 8640 - 8780 - 8840
Lows - 8300 - 8280 - 8180 - 8080
#BankNifty
BankNifty Key to Next Rally; Too strong even after denial from RBI on rate cut. Huge Volumes building from last 5 sessions, sure this index will breakout from the long term trend line as shown on daily chart. Close above 19050 & 19100 will trigger rally up to 19786 - 20000 in no time. Impending Bullish Crossover ahead will put the BankIndex in Strong Bullish Momentum.
View - Bullish
Important Levels in BankNifty
Highs 19200 - 19450 -19786 - 20080
Lows - 18600 - 18200 - 17900 - 17680
#TrendMaster_
Nice analysis. Thanks.
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