*IGNORE THE PREVIOUS ANALYSIS*
This week will be very important for the indexes as tomorrow the RBI will start its three-day meet which will end on August 6th . This will end up making the picture look murkier. The indexes are at a critical point. However, the Bank Nifty is looking in a worse state than the Nifty .
Coming to the Nifty , the index is holding its rising window support. I will maintain the same supports as earlier, which is 10,963 and 10,874. If this position goes against me slightly I will exit as the risk is high.
Nifty support at the crucial support level of 11085
-the index reversed from its new resistance created at 11300
-yesterday expiry shook out a lot of week hands in the market
-today we see the actual trend
-we need to see if the market fails to hold on to support or moves on and resumes uptrend
-the market will find it tough to cross above 11240 again
-on the downside, the market must not break below 11015 otherwise nifty might revers
NIFTY RESISTANCE FOR THE DAY
11158 -11240-11340
NIFTY SUPPORT FOR THE DAY
10964-11015-11085
!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!SUGGEST OPTION TRADES NAVIGATE VOLATILITY!!
!!HAPPY TRADING!!
This week will be very important for the indexes as tomorrow the RBI will start its three-day meet which will end on August 6th . This will end up making the picture look murkier. The indexes are at a critical point. However, the Bank Nifty is looking in a worse state than the Nifty .
Coming to the Nifty , the index is holding its rising window support. I will maintain the same supports as earlier, which is 10,963 and 10,874. If this position goes against me slightly I will exit as the risk is high.
Nifty support at the crucial support level of 11085
-the index reversed from its new resistance created at 11300
-yesterday expiry shook out a lot of week hands in the market
-today we see the actual trend
-we need to see if the market fails to hold on to support or moves on and resumes uptrend
-the market will find it tough to cross above 11240 again
-on the downside, the market must not break below 11015 otherwise nifty might revers
NIFTY RESISTANCE FOR THE DAY
11158 -11240-11340
NIFTY SUPPORT FOR THE DAY
10964-11015-11085
!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!SUGGEST OPTION TRADES NAVIGATE VOLATILITY!!
!!HAPPY TRADING!!