Nifty Technical Analysis
Nifty traded towards the 8623 level intraday, but there was not break below yesterday’s low i.e 8591. The RSI technical indicator is close to 60.25 which clearly indicate a downturn in near days.
Today GST discussion in Rajya Sabha may lead to high volatility in Intraday.
I recommend trader to stay away from intraday trades as there may be a few false moves. Fresh shorts can create only below 8550 closing basis for target of 8461 ( 29 EMA ). If Nifty spike up due to GST clarity in Rajya Sabha.
One can create long position only above 8686 for For target of 8750-8820 .
Bank Nifty Technical Analysis
Bank Nifty close 18708 , Bank Nifty has 2nd attempt to close below 13 EMA ie 18781. Bank Nifty has strong resistance at 19150 and support at 18600 . If support broken with volume then we can see lower level up to 18473 on immediate basis. Final target is 17958 for short trader.
Intraday trader can create a long only above 18850 for target 19000-19150.
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