Nifty opened with an upside gap but failure to sustain at higher levels lead to profit booking creeping in pushing prices lower towards 5815 levels. For the day, support at 5800 is crucial; as long as it holds the index could witness an up move towards 5900-5930 levels. Whereas a breach below 5800 would push prices further lower towards 5750-5700 levels.
However it is important to note that the daily momentum has now reached over bought zone and thus could pose stiff resistance as the index attempts to approach 6000 zone. Support at 5800 is crucial; as long as it holds the index could witness an up move towards 5900-5930 levels.
Bank Nifty failed to breach past the strong resistance at 10500 and thus traded weak edging lower towards 10072 levels before closing off the day's low. The index is hovering below strong resistance at 10500 zone viz falling trend line joining prior highs and 61.8 percent retracement of last fall from 11854 to 8349.
Thus breach and sustenance above 10500 would be essential for up move to continue towards 10700; failure to do so would invite profit booking/selling pressure and keep index in a range between 10500 and 10000 levels.
Daily momentum is testing extreme over bought zone and thus any rise could now face stiff resistance. Breach and sustenance above 10500 essential for up move to continue towards 10700; failure to do so would invite profit booking/selling pressure.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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