Nifty Technical Analysis- High Risk Trading Zone

Nifty Technical Analysis

Nifty closed at 8683 as estimated in my last analysis i.e. above 8600, Friday high was 8689 .

Today we can see support at 8620 below which we can see 8586 as final support, if it closes below this level the positional sell call will initiate for target of 8058 in 10-15 days’ time. Today we can also see gap up openings around 8750. I recommend traders to book profit on rise .Next resistance of nifty is at 8820.

High risk trading zone between 8620-8750.

Bank Nifty Technical Analysis

Bank Nifty closed at 18925. Bank nifty continues to under-perform , PSU banks results are yet to come and RBI Monetary Policy awaited tomorrow therefore trader should avoid taking position in Banking sector stocks.

Near term support of 18757 below which we can see 18516-18146 and resistance at 19050 above which 19200 level can be achieved.