Nifty futures opened with a gap up and clinched a new high of 9672. But last one hour of trade witnessed a continuous down trend and gave away as much as 30 points and ended at 9645 with a gain of 14 points over previous day. The indication for Monday is a continuation of down trend up to 9630-9596. 9633 is trend decider below which NF could touch 9529 level if 9596 is also breached.
Bank Nifty futures also opened with a gap and touched 23399 just one point short of 23400. BNF also ended at 23337 as it was taking support at 23280 levels.
In short, both the indexes were indicating their continuation of down trend on Monday. This could be RBI Policy effect irrespective of global trends.
BNF above 23300 looks positive for further levels 23700-24100. below 23000 will take to 22880-727-430.
Since 6th June is Gann Date, high volatility is expected on 6/7th of June. Happy Trading!!!
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