Almost exactly the same has happened on Monday.
Both the heavily traded index Nifty and BankNifty opened up and then went lower to close in the red.
Only one important thing was that Nifty and BankNifty covered some of the losses that occured initially.
Nifty closed near its very important support level of 4797 and psychlogical mark of 4800 and its of utmost importance that Nifty must not breach these two levels in the trading session otherwise we may see lower levels.
Nifty has important support at 4777 and if this is breached we expect Nifty to test 4752 and 4734 levels today itself.
On the higehr side until Nifty crosses 4822 level it will remain in the grips of bears.
If BankNifty breaches 8273 level then it may weaken to lower level of 8235 as well.
If BankNifty breaches 8385 level on the rise then it may test higher levels of 8452 and 8490.
| Important Nifty Levels for 16th Feb | ||
|---|---|---|
Nifty Pivot | 4802 | |
| Support | ||
| 4777 | 4752 | 4734 |
| Resistance | ||
| 4822 | 4849 | 4872 |
| Important BankNifty Levels for 16th Feb | ||
|---|---|---|
BankNifty Pivot | 8312 | |
| Support | ||
| 8273 | 8235 | 8180 |
| Resistance | ||
| 8344 | 8385 | 8452 |
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