Two of our Nifty alerts to all subscribers and members:
1:50 Nifty has very strong support at 4856 level and we must see some bounce back from there.
2:19 If crosses 4907 then we expect some more covering and higher levels otherwise down trend again.
Amazingly Nifty reversed from exactly the same levels on lower and higher side.
We hope all traders have minted some money on our advice.
Riding the global trend and some local pressure market fell down heavily.
It was an all round selling session and FII's and DII's did delivery based selling and it was heavy volume driven panic selling session and almost every stock closed down in the red barring a few which either lack volume or gave up most of the gains registered in the opening bell.
Both Nifty and BankNifty closed below very important support levels of 4945(Nifty) and 8605(BankNifty).
Very important support for Nifty exist at 4773 and for BankNifty at 8202.
If these levels are breached with volume then another free fall will force both index to touch lows of recent past which are placed at 7871(BankNifty) and 4635(NIfty).
In order to retain uptrend again Nifty must close above 4856 level and should breach 4945 level.
BankNifty should also maintain 8202 level on closing basis and breach 8393 level on the higher side.
Although closing below 4945 by Nifty and 8605 by BankNifty has opened floodgates for the two important index and enough of the beating was done on 27th Jan.
Some more beating may be seen in the opening moves and market may take support at mentioned lower levels.
Its time for traders to stay cautious at each mentioned level be it on higher side or lower side.
| Important Nifty Levels for 28th Jan | ||
|---|---|---|
Nifty Pivot | 4858 | |
| Support | ||
| 4832 | 4803 | 4773 |
| Resistance | ||
| 4881 | 4905 | 4946 |
| Important Bank-Nifty Levels for 28th Jan | ||
|---|---|---|
Nifty Pivot | 8685 | |
| Support | ||
| 8302 | 8262 | 8204 |
| Resistance | ||
| 8356 | 8396 | 8433 |
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