Nifty consolidated and witnessed a relief rally after the sharp fall seen in Tuesday's session. The index is facing resistance at 50-61.8 percent retracement of the sharp fall seen in Tuesday's session at 5460-5480 zone.
However, if Nifty is able to breach and sustain above 5480, it could negate the bearish sentiment and turn the index positive once again towards 5550-5600 levels.
Daily momentum is turning after testing over bought zone at 80 while weekly momentum continues to decline; the index is thus likely to face resistance at higher levels.
Crucial resistance at 5450-5480 zone; Breach and sustenance above would lead to up move continuing towards 5550-5600 levels.
Bank Nifty consolidated and witnessed a relief rally after the sharp fall seen in Tuesday's session. The index is facing resistance at 50-61.8 percent retracement of the sharp fall seen in Tuesday's session at 8900-8950 zone. However, if the index is able to breach and sustain above 8900, it could negate the bearish sentiment and turn the index positive once again towards 9200-9300 levels.
Daily momentum has once again faced resistance at prior highs at 70 and is turning while weekly momentum continues to hover at extreme oversold zone. This is likely to keep price action choppy.
Crucial resistance at 8900-8950 zone; Breach and Sustenance above would lead to up move continuing towards 9200 levels.
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Resistance for Nifty at 5450-5480: Aditya Birla Money
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