Nifty traded on a positive note initially however faced resistance near 6040 and turned lower to close with a loss of 12 points last session. Momentum in the hourly RSI (14) and MACD (12/26/9) is still weak and leaves scope for further dips towards support near 5940 in the coming 1-2 sessions. On the higher side, stiff resistance is likely to be seen at the 8- day EMA near 6038 on any bounce back.
Overall 5960/5940 zone formed by the 40-day EMA and medium-term rising trend line is a strong support. Hence on further dips index could find support there and attempt a bounce back towards 6070/6100 levels eventually. Failure to find support could aggravate the selling and push index further lower towards 5850/5800.
Outlook and strategy:
Resistance is seen near 6012/6038, Nifty could continue to trade weak towards 5940 in the coming 1-2 days.
Bank Nifty traded weak closing in the red albeit holding above the crucial support at 12500. A breach below 12500 would lead to further weakness creeping in towards 12250-12200 levels. A breach below 12500 would also lead to breakdown from a Bearish Double Top. Measuring implications from the pattern indicate a fall of almost 400 points towards 12100 levels. While on the other hand if 12500 holds, the index could once again edge higher towards the upper end of the range at 12900 in coming days.
Daily momentum has given a negative crossover after failing to breach past 65 zone and is now in sync with declining weekly momentum. Thus a breach below immediate support at 12500 would confirm the weakness being indicated by the momentum indicators and push prices lower.
Outlook and strategy:
Support at 12500 crucial for the day; a breach below would push prices lower towards 12250-12200; where as if prices hold above it they could trade in a mixed manner with positive bias.
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Nifty has resistance at 6012-6038: Aditya Birla
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