Nifty Update

Like Banknifty, Nifty also looks to be on the channel support line. On the upside 11900-925 is the immediate resistance. Nifty needs to break above 11925 with strong volumes so as to move towards 12000-12300. On downside 11825 seems to be strong support for the index. Break below this level can drag Nifty towards 11700.

Banknifty Update

 Banknifty seems to have bounced off the channel support line. 30800-850 is resistance zone for the index. If moves above 30850 should move towards higher resistances around 30100-30350-30500 in next week. Stop loss for above trade should be below 30650.

Banknifty

Banknifty is near the important channel support. Break below the channel support line will take the index towards 30000 while respect of the same can make the index to move higher towards channel resistance line.

Nifty is trading @ crucial support line. Break of the same will take the index to 'Cup & Handle pull back neckline around 11690. Move above 11950 will resume the up move towards 11300. Stop loss for sellers is 11955 & for support line buyers is 11795.