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Published on 16/10/2020 12:57:59 PM | Source: Swastika Investmart Ltd

Nifty witnessed a sharp fall from the supply zone of 12000-12100 - Swastika Investmart

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

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Technical Outlook:

Nifty (Spot):

Nifty witnessed a sharp fall from the supply zone of 12000-12100 where 11618-11578 will be the first demand zone while below 11578 level, 20-DMA around 11500 will be the next support level. SGX Nifty is suggesting a gap up opening where we are likely to see sell-off after a gap up opening initially but then we can expect buying or recovery at lower levels around 11618- 11578 zone. On the upside, 11788 will be the first resistance while 11870-11915 will be the next supply zone.

 

Banknifty (Spot):

Bank Nifty failed to cross the 24000-24200 supply zone and then witnessed a vertical fall where 22770 will be the first strong support where we can expect recovery or buying while below 22770 level, 22525/22300 will be the next support levels. On the upside, 23350-23400 is the first supply zone while 200-DMA of 23600 will be the next important hurdle.

 

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