Nifty and bank nifty got corrected heavily and it was a black Friday in Dalal Street. Whereas the world market has not reacted sharply.
The factors like US $ Vs Re at a very high level and fear of further depreciation had led to such a sharp correction. The VIX is also playing a crucial role in the correction which are likely to follow in the coming days.
There could be a relief rally on Monday or Tuesday where Nifty Future could scale up to 10065-100 which could be the maximum upside for NF for this expiry.
Similarly on Bank Nifty we can expect rally up to 24720-24820 where one can square off any long taken in this expiry.
But any rise on nifty and bank nifty is a sell on rally and one should remember this is an exit available in view of month end expiry. This kind of rise will definitely give hope to bulls that the bull run has again started again. Do not misread the trend and be firm that correction is going to continue.
Nifty Future Intra day Support 9965/9926/9575 Resistance 10011/41/65/80/92
Bank Nifty Future Support Support 23961/450 Resistance 24438/496/548/643/725/775.
Like how Nifty and BNF has tested lowest levels in the last 2 sessions as per the posting, there are chances that the last resistance levels are likely to be tested before sell off starts.
Please bear in mind that the above numbers are technical and in no way giving solace to call holders or disappointing the bears.
Kindly note that these are my personal views with technical with a disclaimer clause and one should use stop loss using the support and resistances in trade.
Happy Trading!!
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