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Below is the Views Quote on Market Outlook By Mr. Amit Shah, CMT, Head Research - Equity, Indiabulls Ventures Ltd.
Bears were on top for in the first half of the session however, markets recovered smartly towards the end. Market breadth has been on the negative side for several sessions. 11,850 is 61.8% Fibonacci retracement support zone and markets are likely to find support near the mentioned zone. Momentum has weakened in the near term and recoveries are likely to be shaky. 12,100 is likely to act as a resistance zone on the way up.
Support: 12,100-12,000 & Resistance: 12,100-12,250
Banknifty almost tested the 200Ema support placed at 30,100 zone. Banknifty too recovered smartly in the second half of the session. Index is likely to face resistance towards 31,000 zone on the upside. In the near term, upward momentum has weakened and recoveries are likely to be fragile. On the daily charts, Banknifty is trading below all short term key averages which signals loss of momentum.
Support: 30,250-30,100 & Resistance: 30,750-31,000
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