Rally stands and faces resistance near 10700-10720; index closed lower, led by bank and financial, a trading range is visible in Nifty i.e. 10400-10700.
Nifty index failed to hold above 10700 marks and wiped out its entire gains of the previous session. The price setup suggests range bound move with limited upside.
It has support near to 10550 and if that is respected then it may consolidate in between 10550 to 10735 levels over the next few sessions.
India VIX remained flattish to close at 13.12 levels. A lower VIX level even after a fall in the market suggests that the decline would get bought into again.
Bank Nifty failed to hold above 26500 and remained under pressure for most part of the session. It negated the formation of higher highs and lows after 3 sessions.
It has to hold above 26250 to witness an up move towards 26500 then 26750. While on declines major support is seen near 26100 and 26000.