Nifty Spot View
Equity benchmark Index CNX Nifty extended gains in intraday session amid consolidation and buying support. Mixed global cues pressurized the sentiments. However, It managed to close in green. Momentum Indicator RSI for 14-day period is poised at 53.41 indicating neutral trend at current levels. Next crucial Resistance for Nifty futures seen at 9180 levels while Support seen at 9110 levels. Breach of immediate resistance of 9180 will unfold the next upside Targets of 9220 and 9270 level. A breach below 9110 could strengthen the down move. Traders are advised to remain cautious and fresh buying should initiate only above 9180 level.
Bank Nifty Future View
Bank Nifty commenced the day on a negative note and traded with volatile sentiments on weekly expiry day, finally ended with losses tracking mixed price movement in banking stocks. Technically, fall in volume and open interest with bearish price movement indicating volatile sentiments for intraday session. We expect Bank Nifty to remain volatile & a breach of 21720 could determine the trend for day. On the higher side resistance still remains firm at 21850 levels while the 21480 level remains a key support area for the day. Traders are advised to look for the opportunity to buy with stop loss of 21480 levels.
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