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Nifty 50
Last close: 18,042.95
Near Term: Keep a watch on the range of 17,990 – 17,960 as trade below this range would trigger negative bias on the index and bears will get stronger, as the next support expected post violation of this range would be between 17,880 – 17,825 / 17,650 – 17,475.
If any day, Index trades between 17,650 – 17,475 it would be treated as must buy for swing traders.
On the other hand, charts suggest that 18,336 plays a very important resistance as once it violates then the next resistance on charts could be expected around 18,450 / 18,650 / 18,764 / 19,165.
Expected Intraday Resistance Range: 18,100 / 18,130 / 18,180
Expected Intraday Support Range: 17,960 / 17,890 / 17,800
Bank Nifty
Last close: 42,958.80
Near & Short Term: Strong support is expected around 42,800, this could be the last hope for bulls in the near term as trade below 42,800 would open and create panic for longs.
Next support for Bank Nifty Index post 42,800 would be 42,336 / 42,000 & 41,800. On the flip side trade above 43,625 will trigger bulls back in action whereas 43,850 will play a very important resistance and a breakout level as close above 43,850 will set a new high for Bank Nifty to 44,780.
Expected Intraday Resistance Range: 43,409 / 43,625 / 44,000
Expected Intraday Support Range: 42,685 / 42,510 / 42,380 / 42,000 / 41,800
Nifty Auto
Last close: 12,512.05
Near Term: After a sharp correction of more than 10 per cent in the index, it is expected to consolidate between 12,700 – 12,140.
In between this range accumulation for swing traders could be expected therefore one shall be watchful and try to build long positions between 12,364 – 12,250 levels for the short term.
A basket of large & mid cap auto stocks should be in consideration in between the above-mentioned range.
Expected Intraday Resistance Range: 12,550 / 12,610 / 12,700
Expected Intraday Support Range: 12,472 / 12,445 / 12,364
Nifty Metal
Last close: 6,705.85
Near Term: Fake breakout above 6,850 would be considered as the Index has witnessed profit booking after a sharp up move of 11.50 per cent in six trading sessions, as the Index has closed with a negative bias on daily charts therefore next support is expected between 6,550 – 6,465, sell on rise with a strict stop loss of 6,910.
Expected Intraday Resistance Range: 6,772 / 6,835 / 6,910
Expected Intraday Support Range: 6,627 / 6,580 / 6,490
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
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