Nifty gained 194.5 points (1.9%), to close at 10421, its biggest single day gain since
May 25, 2016. Outlook still looks positive and faces resistance at 10440.
On last week Friday, the nifty identified a contraction (narrowing of range) in the nifty. Markets move in cycles of contraction and expansion. If we had the contraction in last week, we should expect expansion in prices this week. This expansion has come yesterday and market Nifty ended with a strong gain of 194.55 points or 1.90 cent.
If the pullback sustains and the Nifty moves on, it is likely to report a positive crossover in the coming days. Now the major support comes at 10,275-10300- 10330 levels. The pattern also suggesting that market comes in the trading zone.
We think this positive outlook continues for today also and see the major resistance at 10440 – 10500 -10600.
Major support and multiple levels are still intact 9950-10000.
Bank Nifty find the short term base at 24000 and participating in the relief or pull back rally. Yesterday, some recovery also comes in the bank nifty after continuous fall of so many days and reclaims the level of 24600.
Now we find the major support at 24600 and face resistance at 24780 –24910 – 25000 and 25000 levels again will come not ruled out.
Major support levels are 24600 – 24480 – 24330 -24100.