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Nifty (Spot): Nifty is facing resistance at 9390 mark which is 38.2% retracement of entire fall from 12430 to 7511 and SGX Nifty is suggesting a gap down opening where 9130 will be the first support, below this 9000- 8950 is the next support zone while 8825/8650 will next important support levels. In the upside 9300 will act as an immediate resistance which should be stop loss for short traders while positional short traders should keep a stop loss of 9400.
Banknifty (Spot): Banknifty failed to sustain above the psychological level of 21000 level after a rally where 19800-19600 is an immediate support zone; below this, it may head towards 19000-18700 zone. In the upside, 20700-28000 will be an immediate and strong resistance zone where 21000 should be stop loss for the short positions.
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