Nifty failed to see follow through buying and with breach of support of 6050 levels saw a sharp sell off towards 5932 levels before closing off lows at 6012. For the day resistance at 6025-6050 zone is crucial; as long as it holds the index is likely to trade with negative bias towards 5850-5750 levels.
Daily momentum has given a negative crossover at overbought zone while the weekly momentum continues to rise. Thus conflicting momentum on two time frames is likely to keep the price action choppy. In the larger picture, the index has once again failed to breach past the multi month resistance at 6100 zone.
Nifty is likely to trade with negative bias as long as resistance at 6050 holds.
Bank Nifty failed to see follow through buying and with breach of support of 11080 levels saw a sharp sell off towards 10435 levels before closing off lows at 10672. For the day resistance at 10800-10850 zone is crucial; as long as it holds the index is likely to trade with negative bias towards 10200-10100 levels.
Daily momentum has given a negative crossover at overbought zone while the weekly momentum continues to rise. Thus conflicting momentum on two time frames is likely to keep the price action choppy. Bank Nifty is likely to trade with negative bias as long as resistance at 10850 holds.
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