In the coming trading session, we can maintain our previous day view that a relief rally or a pullback towards the levels of 18,330 - 18,400 / 5,480 - 5,500 may attract selling pressure. Since the daily trend remains down, traders are advised to avoid long positions. On the downside, 17,875- 17,790 / 5,375 - 5,340 levels may act as support for both the Indices (Sensex and Nifty Respectively).
In case of the Bank Nifty Futures, we are observing that the counter has a support at the levels of 10,500. The hourly charts are at present in oversold condition and thus a temporary bounce up to 10,780 or 10,865 may be witnessed. We expect selling pressure to emerge at these levels as the daily trend continues to be downward. A close below 10,500, may lead to a further fall up to 10,265 / 10,170 levels.
In case of the Bank Nifty Futures, we are observing that the counter has a support at the levels of 10,500. The hourly charts are at present in oversold condition and thus a temporary bounce up to 10,780 or 10,865 may be witnessed. We expect selling pressure to emerge at these levels as the daily trend continues to be downward. A close below 10,500, may lead to a further fall up to 10,265 / 10,170 levels.
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