Second day of rally brings Nifty close to 10630 resistance; rallied more than 200 points; large trading range is developing
Nifty continues to bounce back from 10300 levels having its near term resistance at 10630, a decisive move past 10630 would bring in further momentum for target 10650-10680 levels.
The support for the day is seen at 10520 while resistance is seen at 10640.
Finally nifty managed to close above its 50 DMA.
Bank nifty opened gap up and attracted buying interest to settle at 25687.
Pvt. Banks helped bank nifty to rally by more than 350 points.
Now, bank nifty has to continue to hold above 25500 to extend its move towards 25800 then 26000 while support at 25250 then 25000.
* This material is for information purposes only and should not be constructed as an offer or solicitation of an offer to buy or sell any securities.