Markets recovers from low; bank nifty and financials push nifty above 10200 levels.
We expect the index to continue its down move, with some sharp rallies in between. Support should come around 10000.
Market open with a gap up and make the wider range of 124 points, more than yesterday range.
Pattern analysis showed the Nifty has seen a downward breakout from the support area in the 10,276-10,300 range. In an attempt to find a bottom, it has tested the support of nearby 10150 levels continuously 2 days, which is very close to the 200-DMA.
Prices have seen a relief rally today. This rally may continue for tomorrow also. Short-term trend is still down in Nifty. Sooner we may see a new trading range develops.
Major support of the Nifty at 10150 -10077 -10000 -9950 and Major resistance at 10276 -10330 -10380 -10450
BANK NIFTY opened with a gap up 0f 112 points at 24273. The index has seen an initial decline and made an intraday low at 24048. After that price started an upside rally and made its intraday high at 24534. Final closing comes at 24479 with a gain of 318 points.
This move is a relief rally in ongoing downtrend. Sooner the index sees the resistance at higher levels.
Major support of the Bank Nifty at 24350 – 24150 – 24000 and major resistance comes at 24640 – 24850 – 25000.