Below is the Views On Market outlook by Mr. Amit Shah, Technical Research Analyst with Indiabulls Ventures Ltd.
Nifty continues on its near term weakness and is threatning to break the large range it has been in for a while. Index has been in a range between 10,650-11,150 and is close to breaking it on the downside. If index manages to decisively breach below the lower end of the range expect further downside pressure for the Nifty. Fresh breakdowns are happening on individual leading stocks which is not a good sign. 10,650 zone is the last hope for the bulls in the near term.
Support: 10,650-10,500 & Resistance: 10,800-10,950
Banknifty too witnessed sharp selloff in yesterday’s trade. Index is closer to the double bottom support zone of 26,550 which is the only hope for the bulls. Banknifty is likely to see further sharp downside if the support zone of 26,550 is decisively breached. Banknifty is likely to face hurdles on recoveries as the index continues to remain weak. 27,100 is the near term hurdle for the banknifty.
Support: 26,550-26,300 & Resistance: 27,100-27,400
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