On Friday, with support of global clues market opened gap-up and remain positive thru out the day. For the past week all indices closed in green, top gainer were banking and oil & gas sector both gaining more then 5%. For this week resistance comes at 5960-5980 and support 5780-5750. Mostly all technical indicators are in an overbought zone so one needs to be cautious at higher levels.
For the day, the level of 5865 and 5845 may act as a major support
for the market and the level of 5905 and 5920 may act as a major hurdle.
The short term trend will turn negative below the level of 5760.
Day trader can go long on nifty above 5905 with stop loss 5885 for
target 5920 / 5935 and can go short below 5860 with stop loss 5880
for target 5845 / 5825.
INDEX RANGE
NIFTY: 5884.95
Range: 5845-5920
Resistance: 5905-5920-5935
Support: 5865-5845-5825
BANK NIFTY: 12104.10
Range: 11930-12260
Resistance: 12150-12210-12260
Support: 12040-11980-11930
Short term: Up (5760)
Medium term: UP (5470)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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