Nifty Spot View
Nifty traded with firm sentiments in last session due to buying support from traders. Appreciation in Indian Rupee against US Dollar supported the firm sentiments throughout the session. Next important support seen at 9000 level. Nifty likely to trade with sideways sentiments in today’s session on profit booking at higher levels from traders. Nifty likely to trade with sideways sentiments and 9040 at lower side will be the trend deciding level for intraday session. Higher side resistance seen at 9140 levels. However, some profit booking at higher levels may limit the upside in NIFTY. Applying momentum Indicator RSI for 14-day period trading at level of 73.48 indicates that it is trading near over bought zone and may face resistance at higher levels.
Bank Nifty Future View
Bank Nifty traded with firm sentiments due to buying support from traders. It witnessed good buying sentiments and managed to hold the gains at higher levels. It likely to trade with sideways sentiments in Intraday session on profit booking at higher levels from traders. Bank Nifty has next resistance at 21450 levels while 21000 is the strong support for the same. If Bank Nifty trade firm then it may test next resistance of 21450 levels. Technically, Fall in volume and open interest with firm price movement indicates sideways sentiments in intraday session.
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