The Italics are the comments from yesterday and the previous days.
Broader market of Tuesday :some short covering at 5718 and late buying above poc at 5735 helped the NF remain unchanged.
Bank Nifty :
——————
– BN closed above the pull back low of 11755
– selling prints at the top at 11990 levels.
——-
– strength seen in the morning abv 11853 took the market upto 11940.
– failure to hold friday’s pull back low of 11755 dragged the index down sharply.
– 11533 is the critical level for tomorrow and support
-below 11533, there can be a quick move to 11470 & 11388 as there is less structure
– strength abv 11677 only.
————–
– a move above 11608 should bring 11680/95
– 11783 possible if upmove continues over the HVN of 11680
– 11521 is support for the market
Nifty :
—————-
– Nifty could nor defend the pull back low of 5866 and fell to 5820.
– 5730 has to be defended ( closing basis) for upmove to continue.
————
– 5717 is key level for tomorrow’s trade
– 5685 and 5629/13 are supports below.
– strength only abv 5805 tomorrow.
————
– poc at 5758 is critcal for action tomorrow
– Move above poc will bring 5797/ 5836
– support can be expected again at 5717 and then 5680 intra day.
SBI :
———
– Like the BN, sbi reached the top of the april bracket at 2840 and halted for the day.
– 2862 is a previous POC where the market can slow down
– a fresh upmove will begin above 2887
—————-
– below 2746, sbi can hit 2712 and 2696 which is final support.
– strength abv 2807 only now.
———
– a move below 2734 will bring 2704.
-if it manages to stay above 2758, it can hit 2824 again in 1-2 sessions.
RIL :
– down move will be over on close above 1027
——
– RIL continues to be weak below 1027
– below 1013 can now target 1005/ 997 tomorrow
– strength abv 1028 can bring 1043.
——————
– RIL will gain upward momentum only above 1058
– 997/ 994 are last supports below which a move to 978/960 will begin
LT :
– LT has shown responsive buying at 1665 for 2 day now.
– LT had single prints at top and bottom of profile on friday.
– 1709 should hold for LT to revisit 1773 and reach 1805.
——-
– a move below 1674 tomorrow can bring 1643 and 1621.
-above 1708 can retrace back to 1739
—–
– LT got buyers again at 1665
– 1736/ 1766/1795 are targets with sl at 1708 on closing basis.
Broader market of Tuesday :some short covering at 5718 and late buying above poc at 5735 helped the NF remain unchanged.
Bank Nifty :
——————
– BN closed above the pull back low of 11755
– selling prints at the top at 11990 levels.
——-
– strength seen in the morning abv 11853 took the market upto 11940.
– failure to hold friday’s pull back low of 11755 dragged the index down sharply.
– 11533 is the critical level for tomorrow and support
-below 11533, there can be a quick move to 11470 & 11388 as there is less structure
– strength abv 11677 only.
————–
– a move above 11608 should bring 11680/95
– 11783 possible if upmove continues over the HVN of 11680
– 11521 is support for the market
Nifty :
—————-
– Nifty could nor defend the pull back low of 5866 and fell to 5820.
– 5730 has to be defended ( closing basis) for upmove to continue.
————
– 5717 is key level for tomorrow’s trade
– 5685 and 5629/13 are supports below.
– strength only abv 5805 tomorrow.
————
– poc at 5758 is critcal for action tomorrow
– Move above poc will bring 5797/ 5836
– support can be expected again at 5717 and then 5680 intra day.
SBI :
———
– Like the BN, sbi reached the top of the april bracket at 2840 and halted for the day.
– 2862 is a previous POC where the market can slow down
– a fresh upmove will begin above 2887
—————-
– below 2746, sbi can hit 2712 and 2696 which is final support.
– strength abv 2807 only now.
———
– a move below 2734 will bring 2704.
-if it manages to stay above 2758, it can hit 2824 again in 1-2 sessions.
RIL :
– down move will be over on close above 1027
——
– RIL continues to be weak below 1027
– below 1013 can now target 1005/ 997 tomorrow
– strength abv 1028 can bring 1043.
——————
– RIL will gain upward momentum only above 1058
– 997/ 994 are last supports below which a move to 978/960 will begin
LT :
– LT has shown responsive buying at 1665 for 2 day now.
– LT had single prints at top and bottom of profile on friday.
– 1709 should hold for LT to revisit 1773 and reach 1805.
——-
– a move below 1674 tomorrow can bring 1643 and 1621.
-above 1708 can retrace back to 1739
—–
– LT got buyers again at 1665
– 1736/ 1766/1795 are targets with sl at 1708 on closing basis.
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