Support and Resistance level for 24th Sept
Support and Resistance levels for tomorrow
Nifty and Bank Nifty future opened gap up today reacted to the GST cut and corporate tax cut. The Asian and European markets were not supportive today. The Indian market looks very positive opened in a huge gap up and closed in a strong positive note.
The Nifty future opened in 11499.90 today made a high of 11682.40, low 11441 and closed at 11601.40. The Bank Nifty future 29996.40 and made a high of 30734.95, low 29591 and closed 30590. Huge upside movement were seen in Nifty and Bank Nifty in the last two days.
NIfty future has given a movement of 241 points after gap up opening. Whereas the Bank Nifty future has given a movement of 1144 points after gap up opening.
Support and Resistance level of Nifty future for 24th Sept
Primary Trend Nifty Future: Trend Up
Range-Bound Trend of Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 11700 whereas All Down Moves Initiates Short Covering (Buy) @ 11450
If Nifty Future Moves Above 11655 tomorrow. Then you should Buy with 1st Target of 11690 during the day with a Stop Loss of 11570 FOR the Target of 11690- 11740- 11774
If Nifty Future Moves Below 11570 on tomorrow. Then you should Sell with 1st Target of 11520 during the day with a Stop Loss of 11655 FOR the Target of 11520- 11472- 11430.
Support and Resistance level of Bank Nifty future for 24th Sept
Primary Trend of Bank Nifty Future: Trend Up
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 31200, whereas All Down Moves Initiates Short Covering (Buy) @ 29650
If Bank Nifty Future Moves Above 30665. Then you should Buy with 1st Target of 30940 during the day with a Stop Loss of 30302 FOR the Target of 30940 – 31220 – 31445.
If Bank Nifty Future Moves Below 30302. Then you should Sell with 1st Target of 30080 during the day with a Stop Loss of 30665 FOR the Target of 30080- 29880- 29650
Conclusions:
Indian stock market is looking positive. The support and resistance of Nifty and Bank Nifty future is given above for tomorrow. Traders should be cautious in coming this week because of monthly expiry and secondly the market has rallied the most last two days.
Nifty gained almost 1000 points and Bank Nifty gained 3500 (approx) points in the last two days. Traders should always put stop losses in such a situation.
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