Nifty performed well for the course of day. As forecasted we saw some good buying in the index today and nifty becomes the buyers choice. We saw a nice pull in the price but 8700 was a challenging handle to get a breakthrough. Talking for the week a red candle was formed on chart in a hammer pattern. On weekly frame we are moving on a strict trend line and if this trend line gets broken we would see a big fall in coming days.
Banking sector was the most volatile and profitable sector for the day. As forecasted yesterday we saw a green move where the day gave good result for SBIN, Bank of India, Dena Bank, Oriental Bank, Bank Of Maharashtra and many more this gave a good opportunity for the trades to make some good bugs for their pocket. Looking on the weekly chart we are moving on the high of 2016 with a sharp uptrend form a long time where 19250 becomes a major restriction for the breakout. On lower side 18600 still behaves as an important support.
|Nifty Resistance & Support|
|R1 / R2||8700/8750|
|S1 / S2||8610/8570|