Optimism continues in Us Market as Apple and Tesla hit an all-time high. Nasdaq closed near all-time high but DowJones was hit by profit booking.
Technical Setup for Nifty50
Yesterday, Nifty50 was trading between a range of 100 points which was 10040 to 10150. At the end of the closing of the session i.e. in the last 1 hr, we saw a good short covering of 100 points in Nifty50.
Nifty50 has good resistance at 10160-10180 & 10260
& good support near 10040 & 10000.
Range for Weekly Expiry
Nifty50 is likely to expire between 10000-10250. Any movement beyond this range can lead to additional movement of 100 points.
Technical Setup for BankNifty
Bank Nifty saw huge buying in the last 1 hour and in fact it shoot up 500 points before the closing session.
IndusInd bank gave a strong closing above 500 and Bandhan bank was also leading the counter and closed above 268.
Additionally, there was good buying seen in PSU Banking space like PNB and SBI & BankOfBaroda
BankNifty also gave a range breakout and a further 250 point move can be easily seen.
BankNifty has resistance at 21550, 21800, 21980.
Support for BankNifty exists at 21000, 20800.
FIIs Position
Yesterday FIIs have increased their long position in Index but they sold around 900cr in cash market.
They were net seller after continuous buying of 6 days.
