Choppy markets with minor Nifty gains as index continues to face resistance around the 10620 zone.
Nifty index formed a wider range between 10514 and 10638. The index witnessed buying interest in morning dips, but saw selling pressure at higher levels, as it failed to hold above the immediate hurdle at 10630 in the last hour of trade.
As long as it holds above the 10480 -10500, the immediate trend could continue for a potential upward move towards 10630 then 10700.
India VIX moved up 1.15% to 13.08. Overall lower VIX is supporting the major bullish bias of the market.
Bank Nifty opened flat and traded very choppy today with lots of up’s and down’s. Prices have closed at 24986 with a minor loss of just 23 points.
The index is consolidating inside a range from last 11 trading days. Boundaries are now clearly visible with a support near 24850 and a resistance near 25450.
Now prices have spent more than 2 weeks inside these 600 points of range. The range will not last longer and sooner we may see a breakout in either direction.
That breakout will give us a swing trading opportunity in Bank index.