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Below is the Views On Post Market Outlook by Mr. Manav Chopra, CMT, Head Research - Equity, Indiabulls Ventures Ltd.
Nifty achieved our tgt zone of 12,400-12,450 we have been mentioning for a while however reaction from the zone was very strong and the index witnessed sharp profit booking. Going ahead support zone of 12,100-12,150 is likely to get tested on the downside which is a very crucial zone. Sustained breach below the mentioned support zone will weaken the near term trend and in that case, index is likely to test 11,800 zone on the downside. Traders should lighten up their long positions in current scenario.
Support: 12,150-12,000 & Resistance: 12,300-12,400
Banknifty has weakened and has displayed negative divergence in comparison to the benchmark index. In our earlier report, we had cautioned fir weakness below 31,450 zone which has materialized. Banknifty has an important support zone at 30,800 - 30,900 which if breached on the downside will weaken the near term structure for the index and open up fresh downside for the Banknifty. long positions should maintain strict stop below the mentioned zone.
Support: 30,800-30,300 & Resistance: 31,450-31,600
Above views are of the author and not of the website kindly read disclaimer