The Nifty index extended its previous days profit booking and shed 0.45% over its previous close. Looking at the hourly chart, Nifty broke the hourly 89-EMA support and trading well below the same. Going forward, we believe that the 10260 / 10235 zone is a good level to build long position as this level coincides with the 61.8% retracement of its move from the bottom of 10123 to the top of 10490. Also, the daily RSI (14) has signalled an oversold condition along with the gap support. For the day, 10255 / 10205 are the intraday support whereas 10340 / 10384 are the intraday hurdle.
Bank Nifty Spot
Yesterday, the Nifty Bank index too corrected gradually and lost nearly half a percent. During the day, index entered inside the gap area formed on previous Wednesday. At this juncture, index has precisely tested its breakout zone which also coincides with the 61.8% retracement of its move from the bottom of 24799 to the top of 25695. Thus, possibility of bounce from current level can’t be ruled out. Also, index is trading near the hourly 89-EMA. For the day, 25000 / 24800 are the intraday support whereas 25340 / 25500 are the near term hurdle.
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