Nifty October futures (8205.35)(+48.1):
Nifty future closed the day in the positive. It retreated from the 8248.9 level, 8245 being an important resistance. It has closed above the 200-day Exponential Moving Average posited around 8200 which is signalling strength and as long as this level holds on dips, chances of a fresh upswing are good. The level of 8152, which was also the low for the last trading session, and the level from where it rebounded is a strong support region, a breach of this level will be a cause for concern for the bulls. The level of 8170 is the immediate support but the critical support is 8110-8100 and a decisive breach of this region will see the bears returning to the center stage again.
Nifty future closed the day in the positive. It retreated from the 8248.9 level, 8245 being an important resistance. It has closed above the 200-day Exponential Moving Average posited around 8200 which is signalling strength and as long as this level holds on dips, chances of a fresh upswing are good. The level of 8152, which was also the low for the last trading session, and the level from where it rebounded is a strong support region, a breach of this level will be a cause for concern for the bulls. The level of 8170 is the immediate support but the critical support is 8110-8100 and a decisive breach of this region will see the bears returning to the center stage again.
- Resistance: 8215, 8245, 8280, 8300, 8324, 8350, 8400-8405
- Support: 8200, 8170, 8152, 8115-8105, 8060, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765, 7714,
Bank Nifty October Futures (17644.9) (+94.3):
Though the index has closed in the positive, it has retreated from the important resistance around 17793-17800, and failed to close above the 17740 level where the 200-day exponential moving average. The level of 17745 is the important resistance level, and the long term uptrend will be confirmed only if Bank nifty future closes decisively above this level. The 17620-mark is the immediate support below which 17590, 17540-17525 are levels to be expected to hold on any decline and a breach of these support will signal weakness developing in the index. A decisive breach of 17440 could spell more trouble for the bulls below 17394 the bears are likely to take the center stage once again. The level of 17330 is the critical support for now and a decisive breach of this level could lead to fresh panic unwinding.
- Resistance: 17595, 17630, 17700, 17740, 17793-17800, 17849, 17887-17900,17858, 17998-18000, 18137
- Support: 17620, 17590, 17500, 17487, 17444, 17400, 17354, 17300, 17260, 17200, 17170, 17158, 17100, 17034-17000
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