Still in a trading range – Nifty support around 10510 and resistance around 10640; last 7 days move inside a small 130 points range.
Nifty index remained range bound for first half then witnessed selling pressure in the last one hour of the session towards intraday low of 10536.
Nifty failed to surpass immediate hurdle of 10630-640 from last 3 trading sessions.
Now, it has to continue to hold above 10520 to extend its move towards 10630 then 10666 while on decline next major support exists at 10510-10500.
Bank nifty opened flattish and remained under pressure throughout the session.
It failed to cross previous day’s high and formed a bearish pattern on the daily scale, which implies bears are holding the grip.
Not, till it continues to hold below 25250, it could extend it losses towards 24850 then 24500 while hurdles are seen at 25100 then 25250 and 24450.