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Published on 31/07/2020 11:27:00 AM | Source: Swastika Investmart Ltd

Banknifty Is underperforming where 21600-21550 is an immediate and strong support zone - Swastika Investmart

Posted in Market Outlook| #Market Outlook #Swastika Investmart Ltd

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TECHNICAL OUTLOOK:

Nifty (Spot):

Nifty is witnessing weakness after a decent rally where 11089-11056 Is an immediate and strong support zone, if it manages to hold this zone then we can expect a pullback in the market where 11160- 11200 will be immediate and strong supply zone. If Nifty manages to trade above 11200 then we can expect another short-covering rally towards 11433 level while if Nifty slips below 11052 then selling pressure may get momentum where 10950/10860 will be the next support levels.

 

Banknifty (Spot):

Banknifty Is underperforming where 21600-21550 is an immediate and strong support zone. If it manages to hold this zone then we can expect a pullback where 21900-22000 will be immediate supply zone while 20-DMA of 22200 will be a major hurdle; above 22200, we can expect a short-covering rally towards 22650 while if Banknifty slips below 21550 level then selling pressure may get momentum towards 21200/21000 levels.

 

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