Nifty opened with a downside gap breaching the crucial support index at 5250 levels to witness a sharp sell off towards 5100 zone. However the index found strong support at 5100 zone and bounced back sharply recovering almost 150 points from day's low to form a Bullish Hammer pattern for the day.
For the day, support at 5220 is crucial; as long as it holds the index could continue it's up move towards 5300 levels where it could face strong resistance. Whereas a breach below 5220 would once again lead to index edging lower towards 5100 levels.
In the larger picture while the index breached the crucial support at 5250, it was able to bounce back and close back above it thus holding the support on closing basis. Only a decisive breach and close below 5250 would lead to a breakdown turning the medium term trend negative towards 5000-4800 levels. Whereas holding the support, Index could continue to be in wide range 5250-5500.
As long as support at 5220 holds, relief rally in Nifty could continue towards 5300 levels.
Bank Nifty opened with a downside gap and witnessed a sharp sell off towards 8350 zone. However the index found strong support there and bounced back sharply recovering almost 375 points from day's low to form a Bullish Hammer pattern for the day.
For the day, support at 8580 is crucial; as long as it holds the index could continue it's up move towards 8850-8900 levels where it could face strong resistance. Whereas a breach below 8580 would once again lead to index edging lower towards 8400 levels.
Daily momentum has once again turned negative while weekly momentum continues to hover at extremely oversold zone. Conflicting momentum is likely to keep price action choppy.
As long as support at 8580 holds, relief rally in Bank Nifty could continue towards 8850-8900 levels.
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